Paramount Reaches Settlement to End States’ Lawsuit, Paving Way for Merger with Warner Bros. Discovery

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    "url": "https://www.indiewire.com/news/business/paramount-settlement-states-lawsuit-merger-1235217975/",
    "title": "Paramount Reaches Settlement to End States’ Lawsuit, Paving Way for Merger with Warner Bros. Discovery - IndieWire",
    "assets": "film production",
    "excerpt": "Paramount is set to complete its merger with Warner Bros . Discovery. Paramount settled a lawsuit with a coalition of 12 states by agreeing to a number of concessions, removing the last remaining hurdle preventing Paramount from merging with WBD for $111 billion in the biggest media merger in history. A deal has not been formally announced by Paramount or California Attorney General Rob Bonta as yet , but Paramount has agreed to some protections that will help the deal advance, among them a commitment to spend an additional $1.5 billion on film production in the state of California over the next five years in an effort to keep the merged company in California and keep the entertainment working community afloat . Paramount is also reportedly agreeing to a board of journalists that will protect the editorial integrity of CNN and CBS News when the two news outlets fall under the same roof, and there were reports that it will pay penalties if it is unable to distribute 30 movies in theaters every year as CEO David Ellison has repeatedly promised. Paramount did not respond to a request for comment. Paramount and Bonta had originally set a date to resume settlement negotiations in October, but background negotiations have moved swiftly as Paramount sought to avoid a ticking fee set to begin on October 1, which would have required Paramount to pay Warner Bros. Discovery shareholders...",
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