Paramount offers remedies for Warner deal, making EU approval likely

By Foo Yun ‌Chee

BRUSSELS, July ​1 (Reuters) - ​Paramount Skydance Corp has offered remedies to address EU competition concerns about its $110 billion ‌acquisition of Warner Bros Discovery, a regulatory filing ⁠showed on Wednesday, in a move which a source told ‌Reuters last week was ‌likely to gain European Commission approval for the deal.

Paramount said it was "confident that this remedy directly and ​comprehensively addresses any concerns expressed in the European Commission's preliminary assessment and support the path ⁠for timely clearance".

The Commission, which acts as EU competition enforcer, did not ​provide details of the remedies, in line with its policy.

A person with direct knowledge ​of the matter told Reuters last ‌week that Paramount would propose ditching its film distribution joint venture with Universal ⁠Pictures to allay antitrust concerns voiced by European cinema operators.

The Commission extended its deadline for its decision to ⁠July 22 from July 7 to give it time to assess ​the remedy.

The U.S. Department of Justice has cleared the deal but Paramount could face a hurdle as California, New York ‌and other U.S. states are preparing a lawsuit to block it, sources have ‌told Reuters.

Britain said on Tuesday it may intervene ⁠in the deal because ‌of the potential ​impact on news, children's television and streaming services.

(Reporting by Foo Yun Chee; Editing by Alexander ‌Smith)

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