Paramount Global's (PARA) acquisition by Lawrence J. Ellison, David Ellison, and RedBird Capital Partners has been approved by the European Commission, the European Union's antitrust regulator said Tuesday.

The commission said it has approved the acquisition of joint control of Paramount-controlled movie theater chain National Amusements by the Ellison family and RedBird as well as sole control of Paramount Global by the Ellison Family.

The commission said it "concluded that the notified transaction would not raise competition concerns" given the companies' "limited market positions."