Paramount’s $81 billion bid to buy Warner Bros. Discovery was approved by the European Union on Wednesday after the companies offered concessions related to film distribution in Europe.
The European Commission, the EU’s executive arm, said its approval was conditional “upon full compliance with the commitments offered by Paramount.”
In order to ease regulators’ concerns, Paramount offered commitments including that it would terminate its stake in United International Pictures, its film distribution joint venture with Universal Pictures, in the European Economic Area within 13 months from the deal’s closing.
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