Paramount Skydance has proposed concessions to the European Union’s competition authorities in an effort to secure approval for its proposed $81 billion acquisition of Warner Bros Discovery. The European Commission, responsible for enforcing antitrust regulations within the EU, confirmed on Wednesday that the companies submitted commitments to address competitive concerns, extending its deadline for a provisional conclusion of the investigation to July 22.

The parties have been engaged in discussions with the commission for approximately eight months. Paramount expressed confidence that the remedy package they offered effectively responds to the preliminary concerns raised during the Commission’s assessment and supports a timely clearance of the transaction.

In addition to antitrust considerations, the deal is under review for compliance with the EU’s foreign subsidies regulations. This stems from the involvement of several sovereign investment entities backing Paramount’s bid, including Saudi Arabia’s Public Investment Fund, Qatar Investment Authority, and Abu Dhabi’s L’imad Holding Company. These elements have added complexity to the regulatory scrutiny.

The acquisition is also subject to examination by regulators in the United Kingdom. On Tuesday, UK Culture Secretary Lisa Nandy indicated that the government might intervene in the deal on public interest grounds, signaling further potential hurdles ahead for the merger.

Paramount and Warner Bros Discovery have yet to complete the transaction, which, if approved, would represent one of the largest media mergers in recent years. The outcome of these regulatory reviews will play a crucial role in determining whether the companies can finalize the deal as planned.