Paramount offers EU remedies to greenlight Warner deal

FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. (AP Photo/Nick Ut, File)

Paramount Skydance said Wednesday it was hoping the EU would approve its US$111 billion takeover of Warner Bros. Discovery, after it submitted a proposal to address related competition concerns.

“We can confirm that today we have submitted a remedy to the European Commission,” the US media conglomerate told AFP, without specifying what measures it had suggested.

Paramount Skydance said it was “confident that this remedy directly and comprehensively addresses any concerns” raised by Brussels and supports “the path for timely clearance.”

The commission, the European Union’s antitrust watchdog, has given itself until July 22 to decide on the acquisition, which has already been approved by the US Justice Department.

It declined to comment on the content of the Paramount Skydance proposals, which according to US media includes an offer to pull out from a film distribution joint venture with Universal Pictures.

Hollywood is uneasy about the takeover deal, which has been largely financed by one of President Donald Trump’s closest billionaire allies.

Hundreds of actors and directors have signed a letter opposing the merger, warning it will choke production in an industry already battered by years of consolidation and cost-cutting.

The combined company would control a sprawling roster of assets, including CNN, Warner Bros. Pictures and the HBO Max streaming service.

The deal is also awaiting approval in Britain, where the government announced Tuesday it may launch a more extensive review to ensure that media diversity is preserved.