The merger of the giants is waiting for EU consent. The fate of TVN's owner hangs in the balance
The European Commission – the EU's antitrust authority – has set a tentative deadline of July 7 to issue a decision on a deal combining two Hollywood studios behind legendary films, two major news networks such as CNN and CBS, streaming giant HBO and dozens of cable networks.
See also: Warner Bros. Discovery may change ownership. The decision is in the hands of officials
The fate of TVN's owner hangs in the balance. A gigantic merger under the microscope of Brussels
Acquisition of Warner Bros. Discovery (WBD) is reviewed by regulatory authorities around the world, including the US Department of Justice and supervisory institutions in the European Union.
The transaction is worth USD 110 billion. requires obtaining regulatory and legal approvals before its finalization. Because the megamerger is expected to create an unprecedented media giant, the deal must be given the green light by regulators to ensure antitrust compliance and worker protection.
Acquisition of WBD by Paramount Skydance
As we reported in May, there are growing concerns that the sale of TVN's owner, Warner Bros. Discovery – Will lead to significant layoffs and limited opportunities for film and TV creators. As the Financial Times wrote, European organizations representing the film and audiovisual industries appealed to the European Union to initiate an antitrust investigation into the takeover.
In a letter addressed to members of the European Commission, the European Parliament and several national delegations in the EU Council, obtained by the Financial Times, the organizations demanded “a thorough investigation by the European competition authorities”, in particular an assessment of the “multiple impacts on the entire European audiovisual and cinematographic ecosystem”.
EU Competition Commissioner Teresa Ribera met with Paramount CEO David Ellison in Brussels in May.
When will Paramount Skydance take over WBD?
Opposition to the transaction it is also visible in Hollywood itself. There are concerns that the takeover of WBD by Paramount, which plans significant cost cuts to reach $6 billion. synergies, will lead to widespread job cuts and limit the number of opportunities for film and television producers.
According to information provided by Wirtualne Media, Paramount plans to close the merger with Warner Bros. Discovery – the owner of TVN – until July 15. Publicly, CEO David Ellison declared that the realistic deadline for finalization is the end of the third quarter, no later than September 30.
