Paramount Set to Exit Universal Joint Venture as Condition for EU Approval of Mega-Merger With Warner Bros. Discovery

By Nick Vivarelli

Nick Vivarelli

International Correspondent

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Paramount will exit its United International Pictures distribution joint venture with Universal as a condition for EU approval of its $111 billion takeover of Warner Bros. Discovery.

The move is in response to a request for Paramount to exit the venture made by the European Commission’s anti-trust watchdog last week. The European Commission said on Wednesday that a regulatory filing in which Paramount Skydance affirms its commitment to pull out of UIP has been submitted, adding that the “new provisional deadline” for the Commission to reach a decision on approval of the mega-merger has now been extended from July 7 to July 22.

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