Paramount Skydance has offered commitments to the European Commission’s competition authorities to glossy the way for its $110bn takeover of Warne
Paramount Skydance has offered commitments to the European Commission’s competition authorities to glossy the way for its $110bn takeover of Warner Bros Discovery.
A European Commission regulatory filing showed that Paramount had submitted commitments on June 30.
As a result, the Commission has extended its deadline for its decision to July 22 from July 7 to give it time to assess the commitments.
No details on these were supplied.
In statement, Paramount said: ”We can confirm that today we have submitted a remedy to the European Commission. We have been working constructively with the Commission for eight months and are 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.”
Last week, multiple reports said that Paramount would pull out of its United International Pictures film distribution joint venture with Universal Pictures to gain clearance for the deal.
The US Department of Justice has cleared the deal but Paramount could face lawsuits in California, New York and other US states to block the deal.
The deal is also being investigated under the EU’s foreign subsidies rules as Saudi Arabia’s Public Investment Fund, Qatar Investment Authority and Abu Dhabi’s L’imad Holding Company are backing Paramount’s bid.
The UK said yesterday (June 30) it may intervene in the deal because of the potential impact on news, children’s television and streaming services.
Australia, Austria and Kuwait are among the countries whose competition authorities have approved the deal this week.
COMMENTS