David Ellison's Paramount Skydance has reportedly cleared a big regulatory hurdle in advancing toward completing its $111 billion merger with Warner Bros. Discovery.

The mega-merger is "unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia."

The European Commission is reviewing Paramount Skydance's $111 billion Warner Bros. Discovery acquisition over $24 billion in Gulf sovereign fund financing.