Paramount Skydance will sell its stake in the United International Pictures (UIP) joint venture. This entity is co-owned with Universal Pictures. The divestment seeks European Union antitrust clearance for the $110 billion acquisition of Warner Bros. Discovery.
The move responds to regulatory concerns over the competitive landscape of European film distribution. The US Department of Justice granted approval for the mega-merger earlier in June. Selling the international distribution arm aims to prevent diminished competition among European cinema operators. This concession moves the European Commission's preliminary review deadline from July 7. The new deadline for the regulatory decision is July 21.