EU Approves Paramount's $110B Warner Bros. Discovery Acquisition With Conditions

The European Commission conditionally approved Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery on July 22, 2026. Paramount must exit its Universal International Pictures joint venture in Europe within 13 months of closing and is barred from co-distributing films with Universal for ten years. The EU identified UIP as giving the combined entity an unfair distribution advantage. The deal still faces a US state lawsuit and possible UK intervention.