** Paramount Skydance's PSKY.O shares rise 3% to $8.78 after European Union approves its $110 billion acquisition of Warner Bros Discovery WBD.O

** The European Commission, which acts as EU competition enforcer, said PSKY's offer to end the United International Pictures JV in Europe within 13 months of closing the deal addressed its concerns

** PSKY will not do any film distribution deal with Universal in Europe for 10 years and will not transfer the distribution of Warner's films in theaters to its own distributor

** PSKY was ordered by a U.S. court to pause the deal last week

** Up to last close, PSKY had fallen 36% YTD