From ABC7 New York · · 1m
States settle Paramount-Warner lawsuit
States and Paramount agree to end lawsuit, clearing $81 billion merger hurdle.
In brief
States and Paramount agree to end lawsuit, clearing $81 billion merger hurdle. Twelve states and WGA settle with Paramount over merger, avoiding antitrust trial but not approving the deal. Originally reported by ABC7 New York.
States and Paramount settle
Twelve states and Hollywood writers agreed to settle lawsuits challenging Paramount's acquisition of Warner Bros. Discovery.
“The blockbuster deal will still bring together two of Hollywood’s oldest studios, key TV networks like CBS and CNN and streaming platforms HBO Max and Paramount+.”
Merger deal cleared
The $81 billion merger clears a key hurdle for joining Paramount and Warner Bros. Discovery.
California AG's pledge
California Attorney General Rob Bonta pledged to increase U.S. film production and support displaced workers.
“We continue to believe the merger will cause damage to writers and the industry at large.”
Paramount's response
Paramount CEO David Ellison called the settlement 'complete clearance' for the merger.
“Bringing Paramount and Warner Bros. Discovery together will build that stronger Hollywood.”
WGA settlement terms
WGA agreed to $17.5 million for health fund and writer layoffs prohibited at CBS News for five years.
Critics warn
Critics warned of job losses and higher prices after the merger, citing industry consolidation.
“Today, billionaires have yet again bribed, censored, and bullied their way to the top.”
The takeaway
Twelve states and WGA settle with Paramount over merger, avoiding antitrust trial but not approving the deal.
