Paramount settles with US states to clear Warner Bros. mega-merger
LOS ANGELES — Paramount has reached a settlement with a group of U.S. states that clears the way for its takeover of Warner Bros. Discovery, officials announced Monday, creating a Hollywood empire spanning television, news and cinema. Paramount, which is run by David Ellison, whose ultra-wealthy family has ties to U.S. President Donald Trump, won a bidding war against Netflix in February for…
In a deal brokered to allow Paramount's acquisition of Warner Bros. Discovery, the company has settled with several U.S. states, according to officials who announced the news on Monday. This merger will create an extensive media empire that spans television, news, and cinema under Paramount's leadership. David Ellison, who heads Paramount, secured this deal in a bidding war against Netflix in February. Warner Bros. Pictures, CNN, and HBO Max are among the valuable assets Paramount acquired.
The Trump administration approved the merger in June, allowing it to proceed despite 12 U.S. states suing to halt the transaction earlier that year. Funding for this deal is reportedly provided by $24 billion in equity from the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi. Ellison's father, billionaire Larry Ellison, also contributed funding and a guarantee for the transaction.
Critics within the film industry argue that the merged entity would likely lead to job cuts in Hollywood, already facing challenges, and reduce the number of films produced annually.
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