Paramount Skydance reaches antitrust deal with states over Warner Bros. Discovery purchase

Paramount’s agreement with 12 state attorneys general paves the way for the company to complete its $110 billion acquisition of Warner Bros. Discovery.

A group of U.S. states has reached a deal with Paramount Skydance that addresses antitrust concerns over the media and entertainment company's $110 billion acquisition of Warner Bros. Discovery.The deal with a coalition of 12 state attorneys general clears the way for Paramount, the parent company of CBS News, to complete its purchase of Warner Bros. Discovery."This settlement is not a vote of support for this merger," said California Attorney General Rob Bonta at a press conference on Monday to announce the agreement.The agreement includes pledges from Paramount to invest in domestic film production, Bonta said. The media company will invest $300 million per year in domestic production, including a pledge to produce 30 films in each of the first two years after the merger.

Paramount has also agreed to establish an independent board to "ensure independent objective fact-based reporting at CBS News and CNN," Bonta said.The Department of Justice, Federal Communications Commission, and regulators in dozens of countries have already approved the deal."With both groups' concerns now addressed, we have complete clearance for this merger and can move toward closing," Paramount CEO David Ellison said in a statement on Monday, after the settlement announcement. "There's still work ahead to get this deal across the finish line, but we're excited to bring these two iconic companies together, as it means