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Or sign-in if you have an account.A Paramount Skydance Corp. office in Los Angeles, California. Photo by Justin Sullivan/Getty Images filesParamount Skydance Corp.’s US$110 billion takeover of Warner Bros. Discovery Inc. won conditional approval from the European Union, a positive development for the deal even as it faces a high-stakes U.S. lawsuit that threatens its progress.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe European Commission said Wednesday that the deal no longer causes competition concerns after Paramount agreed to end a longstanding distribution agreement with Universal Pictures in Europe. As part of the EU commitments, Paramount has 13 months from the date of the closing of the deal to pull out from the Universal accord.“These commitments fully address the competition concerns identified by the commission by ensuring that the films of the merged entity will not be distributed jointly with those of Universal or Disney,” EU competition regulators said in a statement.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againParamount inked the deal in February after beating back Netflix Inc. in a heated bidding war. Scrutiny from the EU’s antitrust arm should have been one of the last major obstacles that Paramount’s chief executive David Ellison needed to overcome after the U.S. also cleared the deal.However, on July 13 California and 11 other states sued to block the Hollywood mega-merger arguing that the deal, which seeks to combine two of the five largest studios, would harm competition for film and cable TV distribution.The federal judge overseeing that case then temporarily paused the deal for 14 days, scuppering Paramount and Warner Bros. hopes of closing it as soon as this week. If the tie-up doesn’t close by the end of September, Paramount must pay late fees to Warner Bros.’ shareholders of about US$7 million per day.Warner Bros. shares have slumped since the Monday ruling, leaving the gap between the stock’s price and Paramount’s US$31-a-share offer near the widest level since the takeover was announced in February.The next hearing in the suit is scheduled for early August to determine whether the acquisition should be put on ice pending the outcome of a full trial.In the U.K. meanwhile, the deal faces the prospect of a public interest intervention from the U.K. government after the country’s culture and media secretary raised concerns over the diversity of media ownership.—With assistance from Yiqin Shen. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.