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European Commission grants approval for Discovery acquisition of WarnerMedia

European Commission grants approval for Discovery acquisition of WarnerMedia
European Commission grants approval for Discovery acquisition of WarnerMedia   -   Copyright  Thomson Reuters 2021
By Reuters

– Discovery Inc said on Wednesday the European Commission has granted unconditional antitrust approval to its proposed acquisition of WarnerMedia assets from AT&T Inc.

The regulatory approval moves the deal one step closer to being finalized. Discovery has said it expects to complete its WarnerMedia transaction by mid-2022, subject to other regulatory approvals.

AT&T announced in May that it would spin off its WarnerMedia division and merge it with Discovery, effectively unwinding its $85 billion acquisition of Time Warner that closed in 2018.