Paramount Clears Antitrust Hurdle for Warner Bros. Discovery Takeover, Deal Set for Early October Close

Paramount has cleared the final regulatory obstacle in its year-long bid to acquire Warner Bros. Discovery after a coalition of state attorneys general dropped their antitrust lawsuit in exchange for concessions. Warner CEO David Zaslav said the merger is expected to take effect by early October 2026. The combined company will own HBO Max, Discovery+, Paramount+ and Pluto TV, plus CNN, HBO, DC Comics and the Discovery Channel, with roughly 200 million direct-to-consumer subscribers. Paramount must release at least 30 films annually for two years, rising to 32, and faces $30 million penalties per missed film. It also must preserve both the Paramount and Burbank studio lots for five years. CEO David Ellison said the merged company will remain headquartered in Los Angeles, calling it "a massive victory" for the Ellison family's growing media empire.