Paramount offers EU concessions to secure Warner Bros Discovery takeover
July 2, 2026 12.44 Europe/London By Julian Clover


Paramount Skydance has offered concessions to European regulators in an effort to secure approval for its proposed $81 billion (€69 billion) acquisition of Warner Bros Discovery, as scrutiny of the deal intensifies on both sides of the Channel.

The European Commission confirmed the companies submitted commitments on 30 June, extending its deadline for a decision to 22 July while it assesses whether the remedies address competition concerns. The Commission has not disclosed the nature of the proposed concessions.

In a statement, Paramount said it had been working with Brussels for the past eight months and remained confident the commitments would satisfy regulators.

“We have been working constructively with the European Commission for eight months and are confident our remedy offer directly and comprehensively addresses any concerns expressed in the European Commission’s preliminary assessment and supports the path for timely clearance.”

The transaction is also being examined under the EU’s Foreign Subsidies Regulation because Paramount’s bid is backed by investors including Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’imad Holding Company.

The latest developments come a day after the UK government signalled it may intervene in the merger on public interest grounds. Culture Secretary Lisa Nandy told Parliament she was “minded to intervene”, citing concerns over media plurality and the potential impact on UK broadcasting services.

If she proceeds, Ofcom and the Competition and Markets Authority would be asked to conduct separate reviews before the government decides whether to clear the transaction.

The proposed acquisition would combine Paramount’s assets, including CBS, Paramount Pictures and Channel 5, with Warner Bros Discovery’s portfolio of HBO Max, CNN, Discovery, DC Studios and TNT Sports, creating one of the world’s largest media and entertainment companies.

The deal is taking shape against a backdrop of wider consolidation across the media industry. Comcast recently announced plans to separate NBCUniversal and Sky into a standalone publicly listed company, while Sky has agreed terms to acquire ITV’s Media & Entertainment business, leaving ITV Studios as an independent production company.

The European Commission is expected to announce its decision by 22 July, although the timetable could change if additional remedies or information are required.