State attorneys general agree to settle Paramount merger lawsuit
State attorneys general have settled their lawsuit against the Paramount and Warner Bros. Discovery merger, allowing the deal to proceed. As part of the agreement, Paramount must establish an independent editorial board to oversee CBS News and CNN and commit to specific theatrical release quotas.
Why it matters
This merger creates a massive media conglomerate, and the settlement sets a new precedent for government oversight of editorial independence in corporate media acquisitions.
The state attorneys general suing to block Paramount’s acquisition of Warner Bros. Discovery, CNN’s parent company, have reached a settlement, clearing the way for the companies to complete the merger. California Attorney General Rob Bonta, who led the 12-state coalition that sued to block the merger, announced the settlement at a press conference in Los Angeles on Monday. “While the timing is not yet fixed, we expect the merger will close no later than early October,” Warner Bros. Discovery CEO David Zaslav told staffers in a memo. The merger will combine Paramount’s film and television studios, CBS and the Paramount+ streamer with Warner’s studios, HBO, CNN and other cable networks.
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