Paramount Skydance seeks EU antitrust approval for Warner Bros Discovery bid

Paramount Skydance formally sought European Union antitrust approval for its bid to acquire Warner Bros. Discovery, placing one of Hollywood’s biggest pending mergers into a decisive regulatory phase. The European Commission has set an initial July 7 deadline to rule on the deal, a timetable that will help determine whether the companies can keep the transaction moving or face a deeper review.

The proposed acquisition would bring together major film, streaming and television assets under one corporate roof. Paramount agreed to pay $31.00 a share in cash in the February 27 definitive merger agreement, valuing Warner Bros. Discovery at about $110 billion in enterprise value. Warner Bros. Discovery shareholders approved the merger on April 23, giving the deal corporate backing even as the antitrust test in Brussels now becomes the central hurdle.

That review matters because the outcome could shape how much leverage a combined Paramount-Warner entity would hold over streaming, content licensing and distribution. Consolidation has already pushed Hollywood studios to chase scale as content costs rise and legacy television economics weaken. If Brussels clears the deal, Paramount Skydance would emerge with far greater bargaining power across the media supply chain, from production to distribution. If regulators demand concessions, the transaction could be slowed, reshaped or made more expensive.

Under European merger rules, the Commission’s standard Phase I review typically lasts 25 working days from formal notification, and more than 90% of cases are resolved at that stage. If officials decide the takeover raises tougher competition questions, they can open a Phase II investigation, which carries a 90 working-day deadline for a final decision, subject to extensions. That makes timing as important as the substance of the review, especially for investors, rivals and cable operators watching whether Brussels treats the deal as routine or as a potential threat to market competition.

Paramount chief executive David Ellison has already tried to shape the political backdrop in Europe. In January, he met with French President Emmanuel Macron and also with UK Culture Secretary Lisa Nandy as part of a broader lobbying push. The company’s outreach underscored how much is at stake: this is not just a filing, but a fight over who will command the next phase of global entertainment.

Netflix’s earlier interest in Warner Bros. Discovery, before backing away, helped turn Paramount’s winning bid into a symbol of the consolidation race now sweeping the industry. With the Commission’s deadline approaching, the contest has shifted from boardrooms to regulators, where the future scale of Hollywood could be decided.