Paramount Skydance Advances $110B Warner Bros. Deal, Reportedly Seeks EU Approval

• Semafor reported in late May, citing unnamed sources, that U.S. antitrust regulators seem ready to approve the deal.  
• Paramount Skydance announced the definitive agreement to acquire Warner Bros. Discovery in February.
• The deal emerged after a months-long bidding process.

Paramount Skydance Corp. has reportedly formally asked European Union regulators to approve its planned $110 billion takeover of Warner Bros. Discovery Inc., advancing one of the largest media mergers in Hollywood history.

The European Commission, the EU’s 27-nation antitrust authority, is now reviewing the deal and has set an initial deadline of July 7 to issue a decision, Bloomberg reported. The approval from the EU is one of the last hurdles towards the completion of the merger, the report noted, while adding that the regulators can block deals if Paramount fails to resolve their concerns.

Meanwhile, Semafor reported in late May, citing unnamed sources, that U.S. antitrust regulators seem ready to approve the deal.  

While PSKY shares edged 1.4% lower at the time of writing, WBD traded flat.

Deal Background

Paramount Skydance announced the definitive agreement to acquire Warner Bros. Discovery in February. Under the terms, Paramount Skydance will pay $31 per share in cash for all outstanding shares of Warner Bros. Discovery, valuing the equity portion at roughly $81 billion and the total enterprise value at about $110 billion.

The deal emerged after a months-long bidding process. Warner Bros. Discovery had explored splitting into two companies before putting itself up for auction in late 2025. Netflix initially expressed interest but ultimately stepped away, clearing the path for Paramount Skydance — led by CEO David Ellison, son of Oracle co-founder Larry Ellison — to prevail.

Warner Bros. Discovery shareholders overwhelmingly approved the merger in April.

Both companies’ boards unanimously backed the transaction, describing it as the creation of a “next-generation global media and entertainment company” that would expand consumer choice, strengthen content pipelines, and better compete in a streaming-dominated landscape.

Regulatory Path

The deal still requires clearances from multiple regulators, including U.S. authorities such as the Department of Justice and Federal Communications Commission, as well as bodies in the United Kingdom and elsewhere.

The companies have targeted a third-quarter 2026 closing, subject to all remaining regulatory approvals and other customary conditions. It will forge one of the largest entertainment conglomerates in history by uniting two iconic studios’ vast film and TV libraries — from Warner’s Harry Potter, DC Comics, and HBO Max originals to Paramount’s Mission: Impossible franchise and CBS network assets — while combining Paramount+ and HBO Max into a single streaming powerhouse potentially serving nearly 200 million subscribers.

How Did PSKY, WBD Retail Traders React?

On Stocktwits, retail sentiment around PSKY stayed within the ‘extremely bullish’ territory while message volume fell from ‘extremely high’ to ‘high’ levels.

Meanwhile, sentiment around WBD remained at ‘bullish’ levels, coupled with ‘high’ retail chatter.

While PSKY shares have fallen 8% over the past 12 months, WBD has gained 173%. 

Read More: DE, AGCO, CNH Stocks Get A Boost From Citi After Trump Slashes Agri Equipment Tariffs – Firm Calls It ‘Incremental Positive’ For The Sector

For updates and corrections, email newsroom[at]stocktwits[dot]com.