Paramount Clears Final Hurdle to Close Warner Bros. Deal.

A federal judge approved a settlement Wednesday allowing Paramount Skydance to close its $110 billion acquisition of Warner Bros. Discovery.

• 68 jurisdictions, including the U.S. Justice Department, had already cleared the deal.
• The combined company must release at least 30 films theatrically in each of the first two years.
• Warner Bros. Discovery CEO David Zaslav stands to receive more than $550 million upon closing.
• $300 million annually must be invested in U.S. film production under the settlement terms.

Why it matters: The merger unites CBS, CNN, HBO Max, Paramount+, Warner Bros., and Paramount Pictures under one owner.

• A news editorial independence board will oversee CNN and CBS News journalism principles.
• Settlement bars sale of the Paramount Studios or Warner Bros. lots in California for five years.

How 25 sources split on this story

Where they split: Whether the settlement's conduct requirements adequately address competitive harm, or whether structural remedies such as divestitures were needed.

What’s next: Paramount has set October 6 as the tentative closing date for the merger.

• Warner Bros. Discovery CEO Zaslav and several other top executives are expected to depart.
• What the merged company will be named has not been announced.
• Whether the editorial independence board will have meaningful authority over CNN and CBS News decisions.
• Whether merger opponents could mount any further legal challenge before October 6.