Paramount has successfully reached an agreement with the Attorneys General of various US states who had previously filed lawsuits opposing the company’s acquisition of Warner Bros. Discovery. This resolution clears the path for the two media giants to complete their merger.
California’s Attorney General, Rob Bonta, who led the coalition of twelve states aiming to block the fusion, announced the deal on Monday in Los Angeles. Paramount and Warner now anticipate that the $110-billion transaction will take effect in early October.
The merger will combine Paramount’s film and television studios, CBS, and the streaming service Paramount+ with the assets of Warner, including its studios, HBO, CNN, and other cable networks.
In exchange for the states withdrawing their antitrust legal challenge, Paramount has committed to several stipulations. These include ensuring the release of 30 films annually in theaters and establishing a board designed to protect the editorial independence of CNN and CBS News.
