Paramount to amend $111B Warner Bros. deal to win EU green light – POLITICO

BRUSSELS — The European Commission won’t stand in the way of the $111 billion marriage of Hollywood majors Paramount and Warner Bros. despite the concerns of European cinemas and civil society that the deal could hurt movie production and media diversity.

At a closed-door meeting with competition officials in Brussels on Tuesday, the companies were told they should be able to gain clearance for the deal if they cut ties with rival Universal Pictures for movie distribution in several EU countries, two people familiar with the matter told POLITICO.

The remedy would concern the United International Pictures joint venture, said one of the people, who were granted anonymity to speak because the talks are private.