Paramount Settles State Antitrust Suits, Clearing Warner Bros. Deal

Paramount has reached a settlement with California and a coalition of other states that had sued to block its roughly $110 billion acquisition of Warner Bros. Discovery, clearing the last major legal obstacle to one of the largest mergers in Hollywood history. The agreement, reported by multiple outlets on Monday, September 21, 2026, is expected to be formally announced later in the day, though the final terms have not yet been publicly confirmed by the parties. According to reports citing people familiar with the matter, the settlement includes several concessions secured by the states. Paramount would establish independent editorial boards for CBS and CNN, and it would face a financial penalty of $30 million for each film it falls short of Chief Executive David Ellison's pledge to release 30 movies annually across the combined studios. The company has also committed an additional $1.5 billion to film and television production in California over the next five years.