The European Commission announced its decision to formally clear the acquisition of Warner Bros. Discovery, Inc. (WBD) by Paramount Skydance Corporation (PSKY), marking a major milestone in completing the transaction.

Also, the deal was unconditionally approved by the Commission under its Foreign Subsidies Regulation regime and by the Austrian Federal Competition Authority under its media merger control regime.

The decision comes as Paramount received competition clearances from antitrust and competition authorities in multiple countries, along with foreign direct investment clearances in Australia, Germany, France, Spain, Slovenia, Belgium, Czechia, New Zealand, Italy, and Romania.

The clearances recognize that the combination of Paramount and WBD will create a scaled media and entertainment company, enhancing consumer choice, strengthening the media ecosystem, and creating a creative-first company, the Commission stated.

"Today's approval from the European Commission marks another significant milestone in bringing Paramount and Warner Bros. Discovery together. We appreciate the Commission's constructive engagement and thorough analysis throughout its review," said Makan Delrahim, Chief Legal Officer, Paramount.

In the pre-market hours, PSKY is trading at $8.85, up 0.76 percent, and WBD is trading at $25.92, up 0.27 percent on the Nasdaq.

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