Paramount and Skydance reached a settlement with California and 11 other states to resolve an antitrust lawsuit. The agreement clears a major hurdle for the proposed $110 billion merger with Warner Bros. Discovery. The transaction remains subject to final court approval.
Paramount committed to investing $1.5 billion in California-based productions as part of the deal. The settlement reportedly requires the establishment of independent editorial boards for CNN and CBS News. The merged company faces potential penalties if it fails to release at least 30 films annually. California served as the lead plaintiff in the negotiations.