Paramount Skydance NASDAQ:PSKY has formally offered commitments to the European Union as it looks to secure approval for its $110 billion takeover of Warner Bros. Discovery NASDAQ:WBD. The European Commission disclosed the move in a Wednesday filing but did not provide details of the proposed remedy.
The regulator has now set July 22 as the new deadline to decide whether to clear the transaction or open a deeper investigation. Paramount said it is confident the remedy directly and comprehensively addresses concerns raised in the Commission's preliminary assessment, which could support a path toward timely clearance.
The EU review follows concerns over Paramount's possible power in European film distribution, particularly around ensuring producers and filmmakers still have alternatives for bringing content to theaters and homes across the bloc. The deal also faces potential scrutiny in the UK, where Culture Secretary Lisa Nandy said she is minded to intervene on public-interest grounds tied to media ownership diversity.