Judge Clears Paramount Skydance’s $110 Billion Warner Bros. Discovery Takeover, Avoiding $600 Million Fee
Updated
Updated · NBC News · Sep 30
Judge Clears Paramount Skydance’s $110 Billion Warner Bros. Discovery Takeover, Avoiding $600 Million Fee
3 articles · Updated · NBC News · Sep 30
Summary
A California judge approved Paramount Skydance’s settlement with state attorneys general, removing the last obstacle to closing its $110 billion acquisition of Warner Bros. Discovery.
The ruling came hours before a ticking fee would have forced Paramount to pay Warner Bros. Discovery shareholders 25 cents a share each quarter—more than $600 million every three months—if the deal missed Sept. 30.
David Ellison then named Mattel CEO Ynon Kreiz co-CEO of the combined company, with Kreiz starting Oct. 5, signaling the merger could close that day or shortly after.
The Sept. 21 settlement requires at least 30 films a year, an editorial board overseeing CNN and CBS News, and more than $1 billion in U.S. film production and worker training.
The merger unites CBS, CNN, HBO Max, Paramount+ and the Warner Bros. and Paramount studios, while opponents still argue the remedies do little to protect competition.