Paramount Skydance pact with 12 states clears $110B merger
Paramount Skydance just reached a deal with California and 11 other states, clearing the way for its massive $110 billion merger with Warner Bros. Discovery.
To address antitrust worries, they've agreed that CNN and CBS will have independent editorial boards under the new company.
This also helps Paramount avoid a $7 million daily penalty that it owes to Warner Bros. shareholders if the deal gets delayed past September 30.
Paramount must release 30 films yearly
Paramount has to release at least 30 movies a year or pay $30 million for each one they miss.
They might also invest $1.5 billion in local production, and can't sell off a commitment not to sell either studio lot.
The merger faced pushback over competition concerns but now has approvals from both the European Union and the UK.
Once it's done, we're looking at one giant media company behind two major streaming services.