Paramount Skydance Settles State Suit, Clears $110B Warner Bros. Discovery Deal

Paramount Skydance confirmed in a Monday filing that it reached a settlement with 12 state attorneys general who sued to block its $110 billion acquisition of Warner Bros. Discovery, removing the final obstacle to closing the merger. Under the agreement, Paramount avoids divesting WBD's cable networks in exchange for behavioral concessions. It must theatrically release at least 30 films annually for two years post-close and 32 films annually for the following three years, with at least four independent films yearly. Paramount will also commit $1.5 billion — $300 million more per year for five years — to domestic production jobs, pay $9.5 million annually for five years for workforce training, establish an independent film fund, and create a news editorial independence board for CBS and CNN. California Attorney General Rob Bonta said the settlement "is not a vote of support for this merger." The DOJ cleared the deal in June.