Paramount Skydance (PSKY) is expected to secure European Union antitrust approval for its proposed acquisition of Warner Bros. Discovery (WBD) with minimal concessions, Reuters reported Friday, citing two unnamed people familiar with the matter.

The combined company would hold under 20% market share across Europe, easing regulatory concerns compared with Netflix's (NFLX) previously abandoned bid, sources told Reuters

Paramount has not formally notified the European Commission but has begun sharing information, Reuters said, adding that a filing would start a 25-working-day review, extendable by 10 days if remedies are offered.

The deal will also face scrutiny under the EU's Foreign Subsidies Regulation due to backing from Saudi Arabia's Public Investment Fund, Abu Dhabi's L'imad and the Qatar Investment Authority, the report said.

Reuters said Paramount may divest smaller assets, such as children's channels, if required.

US and UK approvals are also needed, with California viewed as a key hurdle, the report said. It added CEO David Ellison has met French President Emmanuel Macron, and Chief Legal Officer Makan Delrahim has held talks with senior EU officials.

Paramount and the commission 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.)