Paramount Skydance-Warner Bros. Deal Clears Legal Hurdle

A federal judge approved Paramount Skydance’s settlement with 12 state attorneys general, clearing the final major legal hurdle for its roughly $110 billion acquisition of Warner Bros. Discovery, which the companies expect to close Oct. 6. The five-year agreement requires the combined company to meet U.S. film-release quotas, initially release at least 30 films theatrically each year, spend at least $1.5 billion more on domestic film production, and negotiate separately with cable providers over the companies’ channels. It also calls for a 45-day theatrical window, preservation of studio lots, honoring union agreements, and a panel intended to protect CNN and CBS editorial independence. The deal will bring together major studios, streaming services and networks, including Warner Bros., HBO Max, Paramount+, CNN and CBS. Supporters say the settlement addresses competition concerns, while critics warn the merger could reduce competition, affect jobs and threaten news independence; skeptics note that Paramount’s chief executive will appoint members of the editorial oversight panel.