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Paramount's agreement with 12 state attorneys general paves the way for the company to complete its $110 billion acquisition of Warner Bros. Discovery.
Sept 21 (Reuters) - Paramount Skydance has settled with California and 11 other states that sued to block its $110 billion acquisition of Warner Bros Discovery, a source familiar with the matter said on Monday, clearing one of the last hurdles to a deal that would reshape Hollywood. The settlement includes the creation of independent editorial boards for CNN and CBS, the source said, a move aimed at safeguarding the independence of their news operations under the combined company.
Paramount won’t have to sell cable channels under the $81 billion merger poised to reshape Hollywood.
Both stocks jumped about 7% Monday morning after reports that Paramount Skydance and the California attorney general met to discuss a settlement.
Makan Delrahim made the disclosure at Politico’s California Agenda conference, according to Reuters, signaling that Paramount is willing to go beyond internal safeguards to salvage a deal that has become one of the most politically charged media mergers in years. Warner Bros. Discovery is the publicly traded parent of CNN (NASDAQ: WBD), and the merger’s fate directly determines whether Ellison’s Paramount consolidates control over both CBS News and the cable network.
California’s governor warns that an antitrust lawsuit threatening the media mega-merger could severely damage local entertainment industry jobs.
The California governor has told people involved in the suit that blocking the $81 billion deal could harm Hollywood jobs.
Carr expressed his views on the Paramount-Warner Bros. Discovery merger, antitrust concerns and Disney’s DEI-related investigations.
Paramount Skydance (PSKY) has reportedly offered concessions to address European Union competition c
When the Justice Department settled with Live Nation at the start of a long-awaited antitrust trial, it mounted a pressure campaign against a group of plaintiff states to demand that Republican attorneys general join the truce. Then-Attorney General Pam Bondi warned some of the GOP state officials that the deal was personal to President Trump, according to people familiar with the matter. Following the April jury verdict that found the company engaged in illegal monopolization, the states on Thursday asked a judge to impose sweeping changes on Live Nation, including forcing it to sell off its Ticketmaster subsidiary and some of the amphitheaters where it packs fans for summertime tours.
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