European Commission grants approval for Discovery acquisition of WarnerMedia

The Discovery, Inc. logo is seen on merchandise for sale in the FAO Schwarz toy store in Manhattan, New York City

(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.

(Reporting by Dawn Chmielewski and Helen Coster; Editing by Mark Porter)