Paramount Skydance Settles With 12 States, Clearing $110B Warner Bros. Discovery Takeover

Paramount Skydance agreed to a settlement with 12 state attorneys general who sued to block its $110 billion acquisition of Warner Bros. Discovery (WBD), a source confirmed, removing the final obstacle to the deal. Under the terms, Paramount will make behavioral concessions in exchange for keeping key assets, including WBD's cable networks. The company committed to theatrical distribution of at least 30 films annually and $1.5 billion in production spending over five years, according to a source familiar. The New York Times reported Paramount will also establish a board to protect CNN's independence. CNN declined to comment. The deal unites Paramount Pictures and Warner Bros. studios, Paramount+ and HBO Max, and CBS and CNN under chair David Ellison. An announcement is expected imminently but unlikely before Yom Kippur ends Monday evening.