Paramount Open to Divesting Children's TV Channels to Address EU Competition Concerns Over $110 Billion Warner Bros. Discovery Merger

Paramount is prepared to sell its children's television channels — including Nickelodeon — as a structural remedy to address anticipated European Commission competition concerns over its proposed $110 billion merger with Warner Bros. Discovery, according to people familiar with the matter. The Commission faces an initial July 7 deadline to either clear the deal or open an in-depth Phase II review. The combined entity would bring together Paramount's Nickelodeon and Warner Bros. Discovery's Cartoon Network, two of the most prominent children's television brands in Europe, in a market where approximately half of all kids' channels are US-owned. The overlapping children's content footprint is identified as the most likely trigger for a competition challenge. Paramount has not yet decided whether or when to submit formal remedies to the Commission and is reportedly hoping to avoid any divestment. The company confirmed it has been "engaged with all regulatory and law enforcement bodies in a constructive and transparent manner" but declined to address the specifics of the EU probe. The Commission confirmed the July 7 deadline without further comment. The wider deal, which would combine two of Hollywood's largest content studios and streaming platforms, will face scrutiny across multiple jurisdictions. The EU review is the most immediately time-sensitive regulatory hurdle as the July deadline approaches.