La Commission européenne approuve le rachat de Warner Brothers par Paramount

The European Commission has approved the acquisition of Warner Bros. by Paramount under specific conditions. The deal allows Paramount to proceed with the purchase, but requires the company to divest its shares in United International Pictures (UIP), a joint venture between Paramount and Universal Studios that distributes films to cinema operators. This decision was announced by the EU Commission on July 22, 2026, following a lengthy review process aimed at ensuring fair competition within the European market. The approval came after months of scrutiny over the potential impact of the merger on market dynamics. The EU Commission argued that while the film production sector would still maintain sufficient competition due to the presence of other major studios such as Disney, NBC Universal, and Sony, the distribution sector could face high concentration. As a result, Paramount must sell its stake in UIP within 13 months of completing the transaction. Additionally, the company is prohibited from entering similar cooperative agreements with Universal in the European Economic Area for the next decade. The proposed merger involves a total value of approximately $111 billion (around €97 billion), making it one of the largest media deals in history. It includes the acquisition of Warner Bros. Discovery, which operates streaming services, licenses films and TV formats to European broadcasters, and manages film rentals. Paramount aims to acquire the entire Warner Bros. Discovery group, including well-known television networks such as CNN. The deal is expected to significantly reshape the landscape of global entertainment, particularly in Europe. In contrast, the U.S. government had previously cleared the merger without conditions, citing that it would not harm competition or consumer interests. However, this stance was challenged by several states, including California and eleven others, which filed lawsuits against the deal. These states argue that the merger could lead to higher prices, lower quality, and reduced content availability for consumers. A federal judge in California temporarily blocked the transaction, highlighting ongoing legal uncertainties surrounding the deal. Paramount’s CEO, David Ellison, and his father, Larry Ellison, who co-founded Oracle, have been known supporters of former President Donald Trump. Critics of the merger worry that the consolidation of power might affect the editorial independence of CNN, given its inclusion in the deal. This concern adds another layer of complexity to the already contentious merger, raising questions about the future direction of media ownership and influence. The outcome of the legal challenges in the U.S. will play a crucial role in determining whether the merger can proceed as planned. If the court rulings favor the states, the deal could be delayed or even abandoned. Meanwhile, the EU's conditions aim to mitigate potential negative effects on competition within the region. The final resolution of these issues will likely shape the future of media conglomerates and their influence on both sides of the Atlantic.