Paramount settles with US states in step towards merger with Warner Bros
Also reported by The Hill, CBS News, Guardian US
Summary
Paramount Skydance reached an agreement with California and 11 other states that had sued to stop its $110 billion merger with Warner Bros Discovery. The deal includes setting up independent boards to oversee news coverage at CNN and CBS and penalties if Paramount fails to produce the promised number of movies.Key Facts
- Twelve US states sued to block the $110 billion merger of Paramount Skydance and Warner Bros Discovery.
- The settlement requires independent editorial boards for CNN and CBS to guard against political influence.
- Paramount Skydance is owned by Larry Ellison, a close ally of President Donald Trump, and managed by his son.
- If Paramount does not produce 30 movies a year as promised, it will pay a $30 million penalty.
- The Writers Guild of America also sued the companies, but recently settled with concessions for workers.
- The merger had already passed review by the Trump administration before these lawsuits.
- The companies’ stocks rose after the settlement news, with Paramount up 10% and Warner Bros Discovery up 11%.
- Additional measures discussed include selling some cable channels and possibly CNN.
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