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The approval is a major hurdle dealmaker needed to clear ahead of the merger between the two media conglomerates, which is expected to be finalized later this spring. 

The Mexican broadcaster Televisa and the US company Univision announced that they now have all the approvals required to complete a merger, after having been authorized in the United States.

The merger could create a highly competitive subscription video-on-demand service in existing European markets, in particular the Nordics, where the companies have independently become significant market players, Ampere Analysis noted.

In a letter, 30 Democratic members of the US Congress said the proposed consolidation “raises significant antitrust concerns” and warranted increased scrutiny from the US Department of Justice’s antitrust division.

The new entity is forecast to become the sixth largest content spender in Europe’s big five markets in 2023, and will generate 15% of the total big five TV advertising market, according to Ampere Analysis.