Archive · 22 Sep 2026
Paramount-Warner Bros Merger Clears Final Major Antitrust Hurdle
Paramount Skydance wants to buy Warner Bros.
Discovery in a very large merger.
The deal is valued at about $110 billion.
Twelve US state attorneys general had sued to challenge the merger.
On Monday, they reached a settlement with Paramount.
Paramount promised to spend more money making films in the United States.
It will also create a fund to help workers affected by the merger.
The agreement includes rules for cable channels, streaming, and news coverage.
A court must still approve the settlement before the deal can be completed.
Paramount Skydance settled an antitrust lawsuit brought by 12 US state attorneys general.
The agreement clears the final major legal obstacle to the proposed $110 billion merger, pending court approval.
Paramount will invest at least $1.5 billion in additional US film production over five years.
The merged company will create a $47.5 million workforce fund and honor existing collective bargaining agreements.
Commitments cover cable negotiations, free streaming, theatrical releases, and editorial independence at CNN and CBS News.
- Who
- Paramount Skydance, Warner Bros. Discovery, and a coalition of 12 US state attorneys general led by California Attorney General Rob Bonta.
- What
- The states settled their antitrust lawsuit challenging Paramount Skydance’s proposed acquisition of Warner Bros. Discovery.
- When
- The settlement was announced Monday; court approval is still pending.
- Where
- The case concerns the United States, including California and other states represented by the attorneys general.
- Why
- The settlement is intended to resolve the states’ antitrust concerns and remove a major legal obstacle to the merger.
State Antitrust Concerns
Settlement Resolution
Whether the merger threatens competition
State Antitrust Concerns
The coalition of 12 state attorneys general challenged the merger on antitrust grounds across markets identified in its case.
Settlement Resolution
Rob Bonta said the settlement resolves the states’ antitrust concerns, protects competition and consumer choice, and addresses workers’ interests, while emphasizing that it is not an endorsement of the merger.
- Proposed merger value
- About $110 billion in enterprise value and $81 billion in equity value.
- Settlement status
- Announced Monday and pending court approval.
- Film investment
- At least $1.5 billion in additional domestic film production over five years compared with 2025 US spending levels.
- Theatrical output
- At least 30 films annually for the first two years and 32 annually for the following three years.
- Workforce fund
- A $47.5 million fund over five years for training and career development for displaced workers.
- Cable negotiations
- The companies’ basic cable channels must be negotiated separately for five years.
- Editorial oversight
- A News Editorial Independence Board will cover CNN and CBS News, with an independent monitor overseeing compliance.