Paramount Nears EU Approval for $111 Billion Warner Deal

Paramount is nearing final regulatory approval for its $111 billion acquisition of Warner Bros. Discovery, with the European Commission expected to clear the deal ahead of a key deadline next month. The merger, which would create a dominant new force in film, television, and news, has already received approval from U.S. federal authorities and numerous other nations.

The European Commission met with company officials on Tuesday to discuss conditions for approval, according to reports. While a final decision is pending, sources indicate a likely remedy would require Paramount to exit its joint venture with Universal Pictures, which distributes films in several international markets. The Commission faces an initial deadline of July 7 to either approve the deal or open an in-depth investigation; agreeing to the remedy could extend that deadline to July 21.

This European review is among the last major hurdles for the merger, which was agreed upon in February following a protracted bidding process. Shareholders approved the deal in April, and the U.S. Department of Justice’s Antitrust Division cleared it earlier this month without requiring any divestitures or concessions. The...