Judge approves settlement in Paramount-Warner Bros. merger case

A federal judge approved the settlement resolving a 12-state antitrust lawsuit against Paramount’s proposed merger with Warner Bros. Discovery, clearing a legal obstacle but not completing the transaction. The merger remained pending in reports published September 30, with Paramount’s regulatory filings listing October 6 as a tentative closing date. U.S. District Judge Araceli Martínez-Olguín found the consent decree to be a reasonable and lawful resolution of the dispute. The states, led by California, had sued in July to block the merger, alleging it would harm competition. The parties reached their settlement on September 21 after litigation and negotiations. The judge’s approval followed consideration of objections and questions about the agreement, including a request from Sen. Cory Booker for an independent public-interest review. The court did not adopt that request. The decree sets commitments for the combined company over five years. It requires at least $300 million annually in U.S. film and television production. It also requires theatrical releases of at least 30 films a year during the first two years, rising to 32 annually for the following three years.