Paramount to Exit Universal UIP Venture for EU Merger Approval

Paramount is gearing up to exit its United International Pictures distribution venture with Universal, all in response to a European Commission antitrust request. The European Commission shared on Wednesday that a filing from Paramount Skydance affirming its decision to pull out of UIP has been submitted. The Commission disclosed that the review period for the merger approval has now been extended to July 22.

UIP, established in 1981 and headquartered in London, currently operates as a distributor in various European markets like Denmark, Greece, Croatia, Hungary, Norway, Poland, and Sweden.

A Paramount spokesperson confirmed the submission of the remedy to the European Commission and mentioned ongoing collaboration with the Commission over the past 8 months to address this matter.