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The much-discussed merger of two Tinseltown giants, Paramount Skydance and Warner Bros. Discovery will now be moving forward, with the settlement of an antitrust lawsuit. The deal's negotiations involved the companies and several state attorney generals, and the cost of the acquisition by Paramount is an eye-popping $111 billion, but now it's moving ahead.
Few seem totally satisfied by the settlement that will let Paramount’s $111 billion acquisition of Warner Bros. Discovery move forward.
The looming ownership of the network by David Ellison has caused anxiety in its newsroom for months.
Paramount has committed to distributing 30 movies in theaters every year, spending an additional $1.5 billion on film production over the next five years and creating a board to ensure the editorial independence of CNN and CBS News.
State attorneys general suing to block Paramount’s acquisition of Warner Bros. Discovery, CNN’s parent company, have reached a settlement, bringing the companies closer to completing the merger, according to sources involved in the negotiations. CNN's Brian Stelter reports.
"We believe further consolidation in markets does not serve the American economy, consumers or competition well," California AG Rob Bonta said.
Paramount Skydance reportedly reached a settlement with Democratic state attorneys general, clearing a key hurdle for its Warner Bros. merger.
California Attorney General Rob Bonta held a press conference Monday to address the settlement reached with Skydance-owned Paramount after a group of state attorneys general sued to challenge the company's buyout of Warner Bros. Discovery, effectively pacing the way for the mega merger to move forward.
The settlement removes a major obstacle to closing one of the largest media mergers in history.
The settlement removes a major obstacle to closing one of the largest media mergers in history.Open
The New York Times on Monday reported that Paramount has reached an agreement to resolve an antitrust lawsuit, clearing the way for a mammoth $111 billion acquisition of Warner Bros. Discovery. #paramount #warnerbros #media