Paramount’s megamerger with Warner is set to close soon as judge approves settlement with 12 states
A federal judge has granted Paramount’s settlement agreement with 12 states that sued over the company’s takeover of Warner Bros. Discovery , allowing the companies to soon close their $81 billion megamerger . In a Wednesday order, U.S. District Judge Araceli Martínez-Olguín ruled that the proposed consent decree was a “fair, reasonable, and good faith approach to address the competitive harms”…
A federal judge has approved Paramount's settlement with 12 states over the company's $81 billion merger with Warner Bros. Discovery. U.S. District Judge Araceli Martínez-Olguín deemed the proposed consent decree a "fair, reasonable, and good faith approach" to address the competitive harms alleged by the states. The companies are expected to complete the merger on October 6.
Paramount CEO David Ellison announced that Ynon Kreiz, CEO of toy giant Mattel, will soon join him as co-CEO. The merger combines two of Hollywood's last five legacy studios, including HBO Max and the "Top Gun" franchise. However, the settlement has faced criticism, with many arguing the terms are too weak. The states agreed to settle through new commitments from Paramount, such as increasing film production in the U.S., funding a worker displacement fund, and establishing editorial monitoring for CNN and CBS.
The court dismissed concerns raised by critics and Democratic Sen. Cory Booker, concluding that the settlement terms did not meet the level of legal violations that would reject the negotiated resolution.
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