Judge Approves Settlement, Paramount Skydance-WBD Deal Set to Close
A federal judge approved a settlement between Paramount and 12 state attorneys general, clearing the way for the $111 billion Warner Bros. Discovery deal to close October 6.
A U.S. District Judge has approved a settlement between Paramount Skydance and the 12 state attorneys general who had sued to block its $111 billion acquisition of Warner Bros. Discovery, removing the final legal hurdle to the deal.
Judge Araceli Martínez-Olguín signed off on the agreement on Wednesday. With the states no longer opposing the transaction, the merger is expected to close on October 6.
The settlement carries several commitments from Paramount Skydance: releasing at least 30 theatrical films annually for two years, increasing U.S. production spending, and directing $47.5 million toward workers affected by the merger.
The U.S. Department of Justice had already cleared the acquisition before the states settled, according to cartoonbrew.com.
In July, Judge Martínez-Olguín found the states had presented a strong enough case to temporarily halt the transaction — a ruling that has now been resolved by the settlement.
Quick answers
When is the Paramount Skydance-Warner Bros. Discovery merger expected to close?
The merger is expected to close on October 6, after the attorneys general dropped their opposition.
What does the settlement require of Paramount Skydance?
At least 30 theatrical films released annually for two years, increased U.S. production spending, and $47.5 million for workers affected by the merger.
Who approved the settlement?
U.S. District Judge Araceli Martínez-Olguín approved it on Wednesday.