(RTTNews) - Paramount Skydance Corp. (PSKY) on Thursday won UK competition approval for its acquisition of Warner Bros. Discovery, Inc. (WBD), clearing a key hurdle for the proposed media merger.
The UK Competition and Markets Authority formally cleared the deal. With the CMA's decision, authorities in 66 jurisdictions have now either approved the transaction or declined to challenge it on competition and foreign investment grounds.
Also, Paramount has entered into a deed of covenant with the UK Department for Digital, Culture, Media and Sport. Paramount Skydance said the combination would create a scaled media and entertainment company.
Notably, these clearances recognize that the combination of Paramount and WBD will enhance consumer choice and enable a creative-first company to invest in more projects and bring stories to audiences worldwide.
In pre market activity on the Nasdaq, shares of Paramount Skydance were down 0.57 percent, changing hands at $8.71, after closing Wednesday's regular session 4.53 percent higher.
Warner Bros shares rose 0.85 percent to $26.19 in pre-market trading on the Nasdaq, after ending Wednesday's regular session 0.70 percent higher.
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