European Commission case Paramount / Warner Bros. Discovery (press release IP/26/1663): Paramount Skydance / Warner Bros. Discovery
The European Commission, Directorate-General for Competition cleared, subject to remedies, Paramount Skydance's acquisition of Warner Bros. Discovery on 22 July 2026 (case Paramount / Warner Bros. Discovery (press release IP/26/1663)).[1]
The European Commission cleared the acquisition in Phase 1 subject to commitments on theatrical film distribution, where Paramount distributes films jointly with Universal through United International Pictures in several EEA countries. It found that enough competitors remained in film production and in television and streaming.
Paramount / Warner Bros. Discovery (press release IP/26/1663)
Decision
Cleared with remedies · Phase 1
Decided
Legal basis
EU Merger Regulation (Council Regulation 139/2004; previously 4064/89)
Remedies
divest business — Paramount to end its participation in United International Pictures in the EEA within 13 months of closing.
behavioural — For ten years, no co-distribution agreements with Universal in the EEA, and no moving Warner or Paramount films to a distributor that also handles Universal or Disney films in the affected countries; compliance monitored by a trustee.
Paramount Skydance agreed to buy Warner Bros. Discovery for $31.00 a share in cash, which the companies put at $81 billion in equity value and $110 billion in enterprise value. It would combine the Paramount and Warner Bros. film studios, CBS and CNN, and HBO Max with Paramount+. Warner Bros. Discovery shareholders approved it on 23 April 2026 and the European Commission cleared it in July 2026.