Paramount Skydance's (PSKY) planned acquisition of Warner Bros. Discovery (WBD) is facing scrutiny from European Union regulators over its potential impact on filmmakers and content creators, Bloomberg reported Wednesday, citing EU competition chief Teresa Ribera.

Ribera said regulators are assessing whether the transaction could reduce opportunities for producers and filmmakers to distribute content and whether sufficient alternatives would remain available if the deal proceeds, according to the report.

EU officials are also examining possible effects on creativity, cultural heritage, and language representation, the report said, with a July 7 deadline to decide whether to clear the transaction or open a more extensive probe.

The European Commission, Paramount Skydance, and Warner Bros. Discovery did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)