Paramount’s £80bn takeover of Warner Brothers a step closer after EU approval

European Commission says Paramount Skydance's decision to end Universal venture addresses merger concerns

Paramount Skydance's 80bn takeover of Warner Brothers took a step closer to being realised after it won conditional approval from the European Union.

The European Commission said Paramount's offer to end a film distribution joint venture with Universal Pictures addressed its concerns over the potential merger. As part of its commitments in the EU, Paramount has 13 months from the date of closing the deal to pull out from the venture.