Paramount Skydance Corp (NASDAQ:PSKY) has reportedly put forth solutions to address the European Union's competition concerns over its $110 billion acquisition of Warner Bros Discovery (NASDAQ:WBD).
Paramount has expressed confidence in its proposed solutions, claiming that they "directly and comprehensively address any concerns expressed in the European Commission's preliminary assessment and support the path for timely clearance", reported Reuters on Wednesday, citing a regulatory filing.
The European Commission, acting as the EU competition enforcer, has kept the details of the proposed remedies under wraps, in line with its policy.
The decision deadline has been extended from July 7 to July 22 to allow time for the assessment of the proposed remedy.
A previous Reuters report stated that Paramount Skydance is prepared to sell its film distribution joint venture with Universal Pictures, owned by Comcast Corporation (NASDAQ:CMCSA), to address EU antitrust concerns over its proposed Warner Bros.
