Paramount Settlement Talks Accelerate; Bonta Urged Not to 'Cave'

Key Points:

• Paramount Skydance is nearing a settlement with 12 state attorneys general in its $110 billion acquisition of Warner Bros. Discovery, with negotiations reaching a critical stage over the weekend.
• The 12-state coalition, including California and New York, has filed a federal antitrust lawsuit to block the merger, demanding "structural remedies," but discussions may result in Paramount operating the two studios separately for a period instead.
• Paramount CEO David Ellison has pledged to keep the studios operating independently to preserve jobs, while California AG Rob Bonta insists that true separation requires separate ownership, not just behavioral remedies.
• Anti-merger activists, including actor Mark Ruffalo and the Block the Merger coalition, are organizing protests to oppose a potential settlement they view as insufficient, urging Bonta not to "cave" on the deal.
• The Writers Guild of America has filed its own antitrust lawsuit against the merger and is not involved in settlement talks; the case is scheduled for a hearing next Thursday as Paramount seeks a $1.88 billion bond to delay the merger trial until 2027.