The U.K.’s decision to clear Paramount Skydance’s $111 billion proposed acquisition of Warner Bros. Discovery has been broadly welcomed by European industry players.
U.K. exhibitors, media executives and analysts have argued the deal reflects a wider shift in regulatory thinking as European broadcasters face mounting competitive pressure from global streaming giants.
Following the European Commission’s clearance of the deal last month, the U.K.’s Competition and Markets Authority (CMA) on Thursday concluded the merger would not substantially impact competition within theatrical film distribution, linear children’s TV channels and the supply of subscription VOD services in Britain.
The support Ellison is receiving across Europe follows an extensive lobbying campaign he undertook in January to build backing for the transaction. The Skydance chief met political leaders, policymakers and senior industry players, including the French President Emmanuel Macron and the U.K. Culture Secretary Lisa Nandy, to stress how committed to the theatrical experience he was, as persuade them that traditional media companies had to come together to compete with global streamers.
That outreach appears to have considerably helped Ellison win over influential figures, several of whom have since publicly embraced his argument. That was the case in Brussels, where Macron pushed for the deal to be cleared by the European Commission, according to a senior industry source.
