Final Hurdle Cleared for Paramount-Warner Merger as Court Approves Settlement

The acquisition and merger between Paramount Skydance and Warner Bros. Discovery, which foreshadows the birth of a global film and broadcasting giant, has cleared its final obstacle.

Reuters reported on September 30 (local time) that Judge Araceli Martínez-Olguín of the U.S. District Court for the Northern District of California final-approved the settlement agreement between Paramount and 12 state governments.

Twelve states—including California, Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington—filed a lawsuit last July accusing Paramount of violating antitrust laws, but reached a dramatic agreement in about two months.

According to the settlement, Paramount is required to release 30 movies in theaters every year for the next five years, and must sell off its subsidiary Miramax if it fails to meet this requirement.

In addition, the company is set to invest 300 million dollars (approx. 407.7 billion won) annually in domestic content production in the U.S. and establish a separate audit committee for CBS News and CNN.

While some civic groups strongly opposed the settlement, Judge Martínez-Olguín judged that "this settlement is a reasonable legal solution" and that "the opponents' demands do not rise to the level of justifying the rejection of the settlement."

As a result, the acquisition and merger process with Warner Bros. Discovery has rapidly regained momentum, setting the stage for completion on October 6.

Ahead of the merger, a professional executive has also been recruited.

Ynon Kreiz, formerly of toymaker Mattel, will join Paramount starting October 5 and serve as the co-chief executive officer (CEO) of the merged company, overseeing corporate integration efforts.

According to NBC and other outlets, Cindy Holland, who was in charge of the online video service (OTT) at Paramount, has left the company, and Casey Bloys, who oversees HBO, is scheduled to take charge of the streaming business.
(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.