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Paramount-WBD merger set to close in 2 weeks after state settlement

David Ellison says the $110 billion deal clears its final regulatory hurdle with a pact addressing 12 state AGs' concerns.

newest coverage 4d agosummary written 4d ago4 pieces NewswiresGoogle News

What to know

  • Paramount secured settlement with 12 state AGs, clearing the final regulatory hurdle for its $110 billion Warner Bros. Discovery acquisition.
  • The deal includes commitments to produce 30-32 films annually and invest $1.5 billion in U.S. production over five years, plus an editorial board overseeing CNN and CBS News independence.
  • Ellison says the merger is expected to close in approximately two weeks, but California AG Bonta emphasized the settlement is not an endorsement of the consolidation.

“The agreement includes a number of commitments, including 30+ films annually and expanded U.S. film production – meant to help revitalize our industry and support the people behind it, here at home”

David Ellison, Paramount CEO · The Wrap ↗ · Sep 20

David Ellison Paramount CEORob BontaRob Bonta California Attorney GeneralParamount Global AcquirerWarner Bros. Discovery Target company

Paramount-WBD merger set to close in 2 weeks after state settlement
The Wrap

How it unfolded 1 development · click the chart to see its coverage articles

Peak 2 pieces in two hours at Sep 21, 11 AM; 4 pieces over 5 days (4 articles) Sep 21, 11 AM — 2 pieces · 2 articles — Newswires 2Sep 21, 1 PM — 1 piece · 1 article — Newswires 1Sep 21, 3 PM — quietSep 21, 5 PM — quietSep 21, 7 PM — quietSep 21, 9 PM — quietSep 21, 11 PM — quietSep 22, 1 AM — quietSep 22, 3 AM — 1 piece · 1 article — Google News 1Sep 22, 5 AM — quietSep 22, 7 AM — quietSep 22, 9 AM — quietSep 22, 11 AM — quietSep 22, 1 PM — quietSep 22, 3 PM — quietSep 22, 5 PM — quietSep 22, 7 PM — quietSep 22, 9 PM — quietSep 22, 11 PM — quietSep 23, 1 AM — quietSep 23, 3 AM — quietSep 23, 5 AM — quietSep 23, 7 AM — quietSep 23, 9 AM — quietSep 23, 11 AM — quietSep 23, 1 PM — quietSep 23, 3 PM — quietSep 23, 5 PM — quietSep 23, 7 PM — quietSep 23, 9 PM — quietSep 23, 11 PM — quietSep 24, 1 AM — quietSep 24, 3 AM — quietSep 24, 5 AM — quietSep 24, 7 AM — quietSep 24, 9 AM — quietSep 24, 11 AM — quietSep 24, 1 PM — quietSep 24, 3 PM — quietSep 24, 5 PM — quietSep 24, 7 PM — quietSep 24, 9 PM — quietSep 24, 11 PM — quietYesterday, 1 AM — quietYesterday, 3 AM — quietYesterday, 5 AM — quietYesterday, 7 AM — quietYesterday, 9 AM — quietYesterday, 11 AM — quietYesterday, 1 PM — quietYesterday, 3 PM — quietYesterday, 5 PM — quietYesterday, 7 PM — quietYesterday, 9 PM — quietYesterday, 11 PM — quietToday, 1 AM — quietToday, 3 AM — quietToday, 5 AM — quietToday, 7 AM — quietToday, 9 AM — quietToday, 11 AM — quiet 1
Sep 22Sep 23Sep 24yesterdaynow · 1:38 PM ET
  1. 1

    Block the Merger coalition expresses disappointment

    Opposition groups including the Block the Merger coalition responded to the settlement with disappointment, calling it 'a bad deal for the future of film, entertainment, independent journalism, and a strong democracy.'

    “With both groups' concerns now addressed, we have complete clearance for this merger and can move toward closing…”
    — David Ellison, Paramount CEO · source
  2. background

    California AG Bonta denies settlement is endorsement of merger — Rob Bonta held a press conference making clear the settlement is not support for the merger, stating he believes further consolidation in central markets 'doesn't serve the American economy, consumers, or competition.'

  3. background

    Ellison says merger clears final hurdle, targets 2-week close — David Ellison sent a staff memo saying the settlement means 'we have complete clearance for this merger' and stating the goal is to close in approximately two weeks.

  4. background

    Editorial board created to monitor news division independence — The settlement requires the combined company to establish an editorial board with five journalists (minimum 10 years experience) to monitor CNN and CBS News independence, with no more than two members from the same political party and three-year terms.

  5. background

    Paramount settles with 12 state attorneys general — Paramount reached a settlement with attorneys general from 12 states addressing their merger concerns. The agreement includes commitments to produce 30 films annually for the first two years, increasing to 32 per year thereafter, with at least 4 independent films per year and at least 20% blockbusters. The deal mandates a minimum $300 million annual investment in domestic TV and film production ($1.5 billion over five years).

Also covered reported alongside — the timeline has no entry for these yet

  1. 3 outlets David Ellison Says Paramount Hopes to Close Warner Bros. Deal in ‘Approximately Two Weeks’ in Staff Memo

    first by Variety, 5d ago · also The Wrap, Telegraph India

    2 more headlines