The European Commission (the EU's antitrust enforcement body) has approved Paramount's $81 billion takeover of Warner Bros. Discovery, clearing a significant regulatory hurdle for a deal that would unite brands such as HBO, CNN, CBS, and Paramount+ under one roof. The approval comes with conditions focused on cinema distribution: the Commission found that the combined company's market position could harm theater operators, requiring Paramount to exit its stake in United International Pictures — a joint distribution venture with Universal — within 13 months of closing the deal, and barring any new agreements with Universal for 10 years. Despite the EU's green light, the merger still faces a legal challenge from 12 U.S. states, with a preliminary injunction hearing scheduled for August 3, and additional regulatory reviews pending in the United Kingdom and elsewhere.