Paramount Skydance Clears Antitrust Hurdle for $110B Warner Bros. Discovery Deal

Paramount Skydance reached an antitrust settlement with 12 state attorneys general on September 21, 2026, clearing the path to close its $110 billion acquisition of Warner Bros. Discovery. The agreement resolves a lawsuit filed in July by California Attorney General Rob Bonta seeking to block the deal. Under the terms, Paramount pledged $300 million annually in domestic film production, including 30 films in each of the first two years post-merger. The company agreed to establish an independent board to oversee fact-based reporting at CBS News and CNN, and to conduct separate distribution negotiations for basic cable channels over five years. A five-state committee will monitor compliance. The DOJ, FCC, and regulators in dozens of countries have already approved the transaction. A March 2027 trial had been scheduled before the settlement. Paramount CEO David Ellison said the company now has "complete clearance" and can move toward closing. The Writers Guild of America has also sued to block the merger.