Turkey: M&A/Private Equity

The European Commission has approved Paramount Skydance Corporation's acquisition of Warner Bros. Discovery, but only after securing significant commitments regarding film distribution partnerships in the European Economic Area. The decision addresses competition concerns in theatrical distribution markets, particularly focusing on Paramount's existing joint venture with Universal and the potential market concentration that would result from combining three major studios' distribution operations.

The Natural Gas Market License Regulation (the “Regulation”) regulates the licensing system in detail and treats a license as an authorization granted by the Energy Market Regulatory Board (the “Board”) to legal entities for the purpose of carrying out market activities. In this respect, a license is not merely an authorization document obtained at the commencement stage of activities; it is also a regulatory instrument that ensures that the license holder’s scope of activity, shareholding structure, trade name, facility information and other license elements remain up to date.

In February 2026 the Turkish Competition Authority (“TCA”) substantially overhauled Communiqué No. 2010/4 concerning mergers and acquisitions requiring the approval of the Competition Board, raising the turnover thresholds, redefining the concept of “transaction party”, recalibrating the technology-undertakings exception, and codifying coordination-risk review for full-function joint ventures.