Paramount Skydance's proposed £80bn takeover of Warner Brothers has moved closer to completion after receiving conditional approval from the European Commission. EU regulators accepted commitments from Paramount, including ending its film distribution joint venture with Universal Pictures, as sufficient to address competition concerns raised by the merger. This is a significant step for one of the largest media deals in recent years, which would bring together assets such as CNN, Warner Brothers Pictures, TNT Sports and HBO Max under one company.

Under its EU commitments, Paramount must exit the Universal venture within 13 months of the deal closing and is barred from any joint film co-distribution arrangement with Universal in the EEA for a decade. Despite the EU clearance, the deal faces steeper obstacles elsewhere: a US court recently paused proceedings after 12 states argued the merger would harm competition, with a hearing on a preliminary injunction set for 3 August, and Paramount faces daily penalty payments to Warner Brothers shareholders if the deal is delayed past 30 September. The transaction is also being challenged by a Writers Guild of America lawsuit and faces possible intervention from the UK government, with culture secretary Lisa Nandy signalling concern over its impact on news, children's television and streaming.