Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  6.4.2020  
C(2020 ) 2245 final  
PUBLIC VERSION  
To the notifying part ies 
Subject : Case M.9439 - WARNER BROS / UNIVERSAL / HOME 
ENTERTAINMENT / JV  
Commission decision pursuan t to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 13 March  2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Warner Bros. 
Home Entertainment Inc. (“Warner Bros”, United States of America), ultimately 
controlled by AT&T Inc. (“AT&T”, United States of America)  and Universal City 
Studios Productions LLLP  (“Universal”, United States of America), ultimately 
controlled by  Comcast C orporation  (“Comcast”, United States of America) acquire 
within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation joint control 
over a newly created company constituting a joint venture (“JV”), by way of purchase 
of shares .3 
2. The business activities of the undertakings concerned are:  
 for Warner Bros: production, distribution and licensing of TV programming and 
feature films, distribution of home entertainment products in both physical and 
digital formats, production and distribution of vide ogames and consumer 
products, brand licensing , 
 for AT&T: provision of global telecommunications and digital entertainment 
services , 
 for Universal: production, distribution and licensing of TV programming and 
feature films, wholesale supply of TV channels and on -demand services, general 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Communi ty’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 98, 25.03.2020 , p. 12. 

2 entertainment and news content, licensing of intellectual property to 
manufacturers and distributors of c onsumer products , 
 for Comcast: provision of media, technology and entertainment services , 
 for the JV: manufacturing and distribution of physical home entertainment 
content in the US and Canada . 
3. After examination of the notification, the European Commission  has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .