The approval comes after Paramount agreed to exit its European distribution deal with Universal Pictures within 13 months of the deal being completed.
The media giant has also agreed not to cooperate with certain competitors over the next decade.
Initially, concerns were expressed that the deal could create competition problems for European film distributors. The European Commission's investigation showed that the merger could create an excessively dominant position. The EU now considers this to have been addressed.
The deal is worth the equivalent of around SEK 1,000 billion.
