Who buys Warner (WBD.US), the EU has the final say: will review the acquisition proposals of Netflix (NFLX.US) and Paramount (PSKY.US) simultaneously.

According to informed sources, the European antitrust regulatory agency plans to simultaneously review the acquisition offers submitted by Netflix and Paramount, both of which are interested in bidding for the core quality assets of Warner Brothers Discovery. This means that these two streaming giants will be embroiled in a rare and direct antitrust review battle. Reports indicate that due to the close timing of the proposals from the two competitors and both parties having had initial discussions with EU regulatory agencies regarding their acquisition plans, a simultaneous review is inevitable. Sources say that this dual investigation will give the EU in Brussels special leverage over the future direction of Warner Brothers regulatory agencies can quickly approve the acquisition transaction of one party while launching a deeper investigation into the other, paving the way for determining the leading bidder. While the market generally believes that Netflix is likely to win this Warner asset bidding war, its $82.7 billion all-cash acquisition offer faces higher complexity from an antitrust regulatory perspective, mainly because this streaming giant dominates the market in the field of paid video-on-demand in Europe. On the other hand, Paramount, in order to gain support for its $108.4 billion hostile takeover bid for Warner Brothers, recently launched a series of public relations offensives in Europe, holding meetings with French President Macron and holding consultations with relevant officials in the UK. Paramount declined to comment on this matter. Netflix and the European Commission also did not immediately comment. According to EU regulations, acquisition cases that reach the minimum revenue threshold are subject to review by the EU merger regulatory agency, led by antitrust commissioner Teresa Ribera. The preliminary investigation by the regulatory agency takes about a month, and is usually extended by another 90 days; if officials request additional information or push companies to make concessions, the investigation period may be further delayed. After the investigation concludes, the regulatory agency can decide to approve the transaction or directly reject it. In addition to being subject to EU review, this acquisition case will also face regulatory scrutiny in multiple countries and regions worldwide, including the United States, the UK, and Asia. This bidding war for Warner Brothers is one of the largest media industry transactions in recent years and the outcome may reshape the global entertainment industry landscape. Warner Brothers has produced classic films such as "Casablanca" and "Batman," Paramount has been actively pursuing the acquisition of the company since last September, and Netflix entered the bidding fray unexpectedly only formally joining the bidding process after Warner Brothers initiated the sale process in October of last year.