Warner Bros

What began as Warner Bros Discovery's plan to split its studios from its declining television networks turned into a bidding war involving Paramount, Netflix and other buyers

After a tumultuous, roughly yearlong process, Skydance-owned Paramount closed its USD 81 billion buyout of Warner Bros. Discovery on Tuesday. And beyond Hollywood, the mega merger brings two titans of the American TV news landscape - CBS and CNN - under the same roof. On the eve of the deal's completion, Skydance confirmed that CNN's Mark Thompson will stay on as editor-in-chief of the network - separate from CBS, where Bari Weiss remains at the helm. But how the combined company's news operations will look farther down the road is yet to be seen. Politics are also top of mind. The billionaire family of Skydance CEO David Ellison has a cozy relationship with President Donald Trump - who has been far from shy about targeting coverage he deems unfavourable from both CNN and CBS. Last month, his administration moved to bar CNN from the White House. And the network's new ownership arrives as coverage ramps up less than a month ahead of the 2026 midterm elections. Ellison has pledged to

The combined company will carry about $80 billion in debt, while co-CEOs David Ellison and Ynon Kreiz face a target of delivering $6 billion in planned cost savings

A federal judge has now granted Paramount's settlement agreement with 12 states that sued over the company's takeover of Warner Bros. Discovery, allowing the companies to soon close their USD 81 billion mega merger. In a Wednesday order, US District Judge Araceli Martinez-Olguin ruled that the proposed consent decree was a "fair, reasonable, and good faith approach to address the competitive harms" alleged by the states' lawsuit. Paramount previously called the antitrust challenge the last hurdle ahead of closing its Warner merger, and signalled that it aims to close its Warner acquisition as early as October. Shortly after Martinez-Olguin's ruling on Wednesday afternoon, the company announced that Ynon Kreiz - current chief executive at toy giant Mattel - will join Paramount on October 5 and serve as co-CEO alongside David Ellison of the combined company. A Paramount-Warner marriage will bring together two of Hollywood's last five legacy studios. HBO Max, a library full of titles .

Twelve states and Hollywood writers challenging Paramount's buyout of Warner Bros Discovery agreed to settle their lawsuits on Monday, effectively paving the way for the USD 81 billion mega merger to cross the finish line, with some new commitments from the company. The blockbuster deal will still vastly reshape Hollywood - bringing together two of the "big five" remaining studios, key TV networks like CBS and CNN and streaming platforms HBO Max and Paramount+, as well as decades-old libraries with titles ranging from "Harry Potter" to "Top Gun." But among terms of Monday's agreement announced by California Attorney General Rob Bonta - who led the states' case - Skydance-owned Paramount pledged to increase film production in the U.S., commit millions of dollars to a fund to support workers displaced by the merger and create new monitoring of the editorial independence of the company's news operations. The settlement still needs a final sign-off by a judge. Paramount CEO David Ellis

Settlement with California and 11 other states includes independent editorial boards for CNN and CBS and penalties tied to Paramount's annual film-release pledge

Paramount would have to pay $30 million for each film that falls short of that goal, according to two people familiar with the discussions

Paramount is headquartered in New York, but has substantial operations in Los Angeles

Terms under discussion include independent monitoring of CNN's content and commitments on theatrical releases as Paramount seeks to clear a key hurdle to its $110 billion acquisition

The talks are preliminary, ​and there is no assurance that they will lead to meaningful negotiations toward a settlement

Paramount Skydance has offered AMC and Regal three-year deals to guarantee 30 theatrical releases a year if its $110 billion Warner Bros deal goes through

Warner Bros Discovery missed Q2 revenue estimates as weak box office and the loss of NBA broadcasts hit studio and advertising sales despite optimism over its Paramount deal

Warner Bros' 2021 streaming strategy ended its long partnership with Christopher Nolan. Universal offered a cinema-first approach, leading to the success of Oppenheimer and The Odyssey

Amazon is facing a lawsuit from Warner Bros. Discovery over the hiring of a senior executive. Here's what the legal battle is about

Paramount on Friday agreed to delay closing its USD 81 billion buyout of Warner Bros Discovery well into next year, as a judge continues to consider a challenge from 12 states seeking to block the deal altogether. In a court filing, Paramount said it wouldn't close the merger until either a court ruling is made on the merits of the states' lawsuit or June 1, 2027. The move arrives just days after US District Judge Araceli Martinez-Olguin granted a temporary restraining order to freeze the transaction for several weeks, ruling that the states had raised some "serious questions" and a strong case about the merger's potential to "substantially lessen competition." Paramount called Friday's agreement a "significant win because the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence." The company, which was bought by Skydance just last year, added that this was the "fastest and clearest way" to prove its merger was good for competition an

A federal judge on Monday ordered Paramount and Warner Bros Discovery to halt their USD 81 billion merger for at least two weeks, allowing states that are challenging the deal more time to see their case through in court. Twelve states, led by California, sued to block Paramount's pending buyout of Warner last week - alleging that such a combination would "extinguish competition" in Hollywood and lead to fewer choices for consumers, particularly moviegoers and cable customers across the US. The states' top prosecutors called on Warner and Paramount to not close the transaction until after a court had time to "fully evaluate" their claims. And when the companies refused, they filed for a temporary restraining order - which is what District Judge Araceli Martinez-Olguin granted on Monday. That opens the door to a potential preliminary injunction that the states are also seeking to effectively block the deal.

Oregon's AG has withdrawn a court motion seeking to delay Paramount's $110 bn acquisition of Warner Bros, saying the state is considering its next steps after a dispute over access to company records

DOJ said it reviewed more than 2 million documents obtained from 80 sources in evaluating the deal's impact on various segments of the entertainment industry

Most of the states that have been weighing the lawsuit are led by Democratic attorneys general although at least two Republican attorney generals are involved in the probe

The Department of Justice staff attorneys seemed swayed by arguments from top Paramount executives that the deal would not hurt other studios and creative talent