EU to conduct simultaneous competition review of Netflix and Paramount Skydance bids

European Union antitrust regulators are set to conduct a parallel review of competing takeover bids by Netflix and Paramount Skydance for Warner Bros. Discovery, according to a report by Bloomberg. The simultaneous assessment is an uncommon approach and reflects the advanced and closely aligned timelines of both proposals.

The potential acquisition involves Warner Bros. Discovery’s film, television and streaming assets, including DC Comics, franchises such as Friends and Batman, and the HBO Max streaming platform. Any transaction would be subject to regulatory scrutiny due to the scale of the assets and their importance to the global media and entertainment market.

Also read: Netflix says Warner Bros Discovery shareholders likely to back $82.7 billion offer

Bloomberg reported that both Netflix and Paramount Skydance have held preliminary discussions with the European Commission’s merger control authorities. Reviewing the bids in parallel could give EU regulators greater flexibility in shaping the outcome, including the option to advance one proposal while extending scrutiny or imposing conditions on the other.

Netflix recently revised its offer for Warner Bros. Discovery to an all-cash bid valued at $82.7 billion, offering $27.75 per share. The revised proposal replaces an earlier stock-and-cash structure and has received unanimous approval from the Warner Bros. Discovery board. The move is intended to reduce execution risk and address investor concerns around valuation certainty.

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Any deal involving Warner Bros. Discovery is expected to face extensive antitrust examination beyond the European Union. Regulators in the United States and the United Kingdom are also likely to review the transaction, given the companies’ market positions across film production, television, and streaming services.