Episode 102: EU Clears Paramount-Warner Deal, U.S. Courts Still Loom

The Option · Jul 23, 2026 · 3m

The European Commission cleared Paramount's $111 billion acquisition of Warner Bros. Discovery on Wednesday, but the deal remains frozen domestically after a federal judge in California issued a temporary block. The EU approval came at a real cost: Paramount agreed to exit its long-standing film distribution joint venture with Universal Pictures (UIP) and accepted a 10-year ban on any new distribution arrangement with Universal. The regulatory scorecard now shows over a dozen country approvals — including the DOJ in June — with a 12-state coalition as the sole remaining obstacle. Key…