The decision paves the way for a proposed $111 billion merger uniting two rival studio giants — Paramount, owner of CBS, and the much larger Warner, which includes HBO and CNN.

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

Paramount Skydance defeated Netflix in the battle to acquire Warner Bros. Discovery, committing $111 billion for the merger.