EU Sets July 7 Deadline for Paramount‑Warner Bros Discovery Merger Review

The European Commission has announced a provisional deadline of July 7 to decide on the pending $110 billion merger between Paramount and Warner Bros Discovery. Under a Phase 1 antitrust review, the Commission has 25 working days to clear the deal, request remedies, or open a Phase 2 investigation that could extend the timetable.

The merger, already approved by shareholders, is also under scrutiny by regulators in the United Kingdom, the United States Department of Justice, and a coalition of U.S. state attorneys general led by California. The U.K. public comment period ends in April, while Paramount has sought FCC approval for the foreign investment component. The companies hope to close the transaction by the end of the third quarter, with Paramount targeting an early‑July completion. If the deal is delayed past September 30, Warner Bros Discovery shareholders would receive a quarterly fee, and a $7 billion termination fee would apply if the merger collapses.