Judge allows Paramount to close $110 billion takeover of Warner Bros. Discovery

Key Points:

• A California judge approved Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery, clearing the final legal hurdle for the merger that combines major media brands like CBS News, CNN, HBO Max, and Paramount+.
• Mattel CEO Ynon Kreiz will become co-CEO alongside Paramount Skydance CEO David Ellison, with Kreiz overseeing day-to-day operations and integration starting October 5, signaling the deal’s imminent closure.
• The merger faced opposition from California Attorney General Rob Bonta and other states over concerns about reduced competition and CNN’s editorial independence, but a settlement requires the combined company to release 30 films annually and establish an editorial board for CNN and CBS News.
• The merged company plans to invest over $1 billion in U.S. film production and worker training, while leadership changes include Paramount streaming chief Cindy Holland’s departure and HBO’s Casey Bloys taking charge of combined streaming operations.
• Despite opposition from groups like Block the Merger, which criticized the settlement’s competitive safeguards, shares of both companies rose following the judge’s approval, ending a period of uncertainty that had weighed on Paramount’s stock.