Paramount Skydance Settles State Lawsuits, Deal Nears

Paramount Skydance settled 12-state antitrust suits led by California AG Rob Bonta and New York AG Letitia James, clearing the main state bar to its $110 billion Warner Bros. Discovery buy. Bonta announced it in Los Angeles on Sept. 21, 2026, saying, "I don’t think these two companies should merge." Terms set 30 theatrical films a year for two years and 32 for the next three, a $30 million penalty per miss, independent CBS News and CNN editorial boards within 180 days, $300 million to $1.5 billion added U.S. production, higher domestic shoot floors, and a pledge to keep the Paramount and Burbank lots; no CBS, MTV, Nickelodeon or Showtime sale is required. David Ellison told staff the company has "complete clearance," and David Zaslav expects closing no later than early October pending federal court approval of the consent decree. CONTESTED: Sources split on Monday shares, one reporting Paramount up over 8% and WBD over 10% while TipRanks had Paramount down nearly 2%. A roughly $7 million daily ticking fee starts if the deal misses Sept. 30, and Norman Eisen said his coalition will keep watching newsroom independence.