Paramount and Warner Bros. amend 111bn merger to win EU antitrust clearance

Paramount Global will amend its $111 billion merger with Warner Bros. Discovery to secure European Union antitrust clearance, the companies confirmed on Wednesday, after EU regulators demanded the sale of the joint venture’s movie distribution rights to Universal Pictures in several member states.

The European Commission has signalled it will approve the landmark deal if Paramount and Warner Bros. sever their ties with Universal in Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, the Netherlands, Poland, Portugal, Romania, Slovakia, and Sweden, according to a report published by *Politico Europe* . A person familiar with the matter told Reuters that Paramount is prepared to sell its 50% stake in the Universal Pictures joint venture to satisfy the regulator’s concerns .

The proposed merger, first announced in October 2025, would create the world’s largest filmed entertainment group, combining Warner Bros.’s franchises with Paramount’s global reach. EU officials had raised fears that the combined entity could dominate European cinema screens and stifle competition in film production and distribution. The Commission’s softened stance, however, suggests the concessions will be sufficient to address those concerns.

Cinema owners and civil society groups had warned that the deal could reduce media diversity and squeeze independent filmmakers out of the market. The European Commission’s decision not to block the merger outright reflects a pragmatic approach to consolidation in the sector, despite ongoing opposition from stakeholders.

Paramount and Warner Bros. are expected to finalise the amendments within weeks, paving the way for regulatory approval. The companies have not disclosed whether additional concessions will be required in other jurisdictions. Industry analysts say the deal remains on track for completion by the end of 2026, pending final EU clearance.

The agreement comes as France’s biggest film of the year, *De Gaulle: Liberté*, prepares for its theatrical release on Friday. The €74 million historical epic, the second chapter of a wartime biopic, is betting on international audiences to justify its ambitious budget . Meanwhile, London’s theatre scene continues to draw crowds with a slate of new productions, though the sector remains overshadowed by the unfolding media merger .