Paramount Settles State Lawsuit, Clearing Path for $110B Warner Bros. Merger

Paramount has reached a settlement with California and 11 other states that had sued to block its proposed $110 billion acquisition of Warner Bros. Discovery. The agreement removes a significant legal obstacle to what would be one of the largest media mergers in history. Under the proposed consent decree, Paramount must release a minimum number of theatrical films over the next five years, starting with 30 releases annually in years one and two, rising to 32 thereafter. The deal also requires the combined company to spend at least $300 million more on U.S. production than the two companies collectively spent in 2025.