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LOS ANGELES, June 17 (Reuters) - Chinese regulators have cleared the $110 billion merger between Paramount Skydance and Warner Bros Discovery, according to a source familiar with the decision.
The antitrust ruling comes on the heels of similar approvals from the U.S. Department of Justice, and a number of other countries, including Australia, Germany, France and Saudi Arabia. China, where both Paramount and Warner Bros Discovery release films, also needed to sign off on the deal.
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The European Union has yet to weigh in on the combination.
China has been a diminishing source of revenue for Hollywood, as its domestic movie industry matures. Some films, like Warner Bros's 2023 film "Meg 2: The Trench," grossed $53.3 million in China during its opening weekend. However, Paramount's 2022 blockbuster "Top Gun: Maverick," was never released - a casualty of heightened tensions between the U.S. and China.
News of the approval was first reported by Semafor.
Editing by Franklin Paul, Sanjeev Miglani and Christian Schmollinger
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