Warner Bros. Suitors Face Rare Head-to-Head Battle for EU Nod

European Union regulators are poised to review competing bids for Warner Bros. Discovery Inc. at the same time — thrusting Netflix Inc. and Paramount Skydance Corp. into a rare head-to-head antitrust battle.

People familiar with the matter said the parallel probes are now inevitable due to the timing of the rival proposals and the fact that both sides have already sounded out EU merger watchdogs about their plans.

A double probe would give Brussels regulators unusual leverage over Warner’s destiny — a swift clearance for one bidder, combined with deeper scrutiny or demands for concessions for the other, could effectively ...