UPDATE 1-Paramount seeks EU approval to buy Warner Bros; decision due July 7

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- Paramount Skydance Corp PSKY.O has sought EU antitrust approval for its acquisition of Warner Bros Discovery WBD.O, a European Commission filing showed on Tuesday.

  • The proposed $110 billion takeover would unite two of the entertainment industry's most enduring franchises, though critics including some Hollywood stars have said it could endanger film and television jobs.

  • The Commission, which acts as EU competition enforcer, will decide by July 7 whether to clear the deal with or without remedies or open a full-scale investigation if it has serious concerns.

  • Paramount is prepared to divest minor channels such as its children's brands to address any competition concerns, sources told Reuters in February.

  • U.S. antitrust regulators appear ready to approve the deal after a two-hour meeting at the Justice Department, Semafor reported last month.