Paramount Skydance settles with 12 states over acquisition of Warner Bros. Discovery

Twelve U.S. state attorneys general have agreed to a deal with Paramount Skydance to address antitrust concerns surrounding the $110 billion acquisition of Warner Bros. Discovery by media giant Paramount. The agreement, which does not endorse the merger, allows Paramount to complete the purchase of Warner Bros. Discovery. California Attorney General Rob Bonta announced the settlement, stating that Paramount will invest $300 million annually in domestic film production, producing at least 30 films each year for the first two years post-merger.

The company will also establish an independent board to promote objective fact-based reporting at CBS News and CNN. Furthermore, the merged company must negotiate separately for the distribution of Paramount and Warner Bros.' basic cable channels for five years. A committee of five states will oversee and ensure compliance with these terms.

Paramount CEO David Ellison declared that with all concerns resolved, the merger can proceed towards completion. Despite previous legal challenges from state prosecutors, the Writers Guild of America, and the U.S. District Court, the Department of Justice, Federal Communications Commission, and international regulators have all approved the deal.