EU Extends Review of $110 Billion Paramount-Warner Bros Discovery Merger to July 22

The European Commission has extended its antitrust review of Paramount Skydance's proposed $110 billion acquisition of Warner Bros Discovery, pushing the decision deadline to July 22, 2026. The extension follows Paramount's offer of structural remedies intended to address competition concerns raised during the initial review period.

The Deal in Brief

The planned transaction would unite two of the world's largest entertainment conglomerates, creating a combined company with extensive holdings in film studios, broadcast television networks, streaming platforms, and content libraries. Paramount Skydance — formed through a 2024 merger of Paramount Global and Skydance Media — owns the Paramount+ streaming service, CBS, MTV, Nickelodeon, and a major Hollywood film studio. Warner Bros Discovery holds HBO, CNN, Warner Bros film studio, and the Max streaming platform.

EU Competition Concerns

European cinema operators raised concerns with the Commission about the potential impact on film distribution competition in European markets. Paramount Skydance's proposed remedy is to exit its film distribution joint venture with Universal Pictures International Entertainment, which the companies argue would free up the combined entity's European distribution channels and reduce concentration.

Timeline and What Comes Next

The Commission had initially set a July 7 decision deadline, but agreed to the extension to allow time to assess the adequacy of the proposed remedies. By July 22, the Commission must decide whether to approve the deal, approve it with binding conditions, or open an in-depth Phase 2 investigation. A Phase 2 probe could add six or more months to the process. The deal has already received regulatory clearance in the United States. Follow the latest from Business.