Paramount Skydance has reached settlements with 12 state attorneys general and the Writers Guild of America. These agreements resolve antitrust lawsuits and remove the final legal barriers to the acquisition of Warner Bros. Discovery. The deal is valued at $110 billion, including assumed debt, with an equity value of $81 billion at $31 per share.
The company committed to producing at least 30 films annually, increasing to 32 in the future. Additionally, Paramount pledged $1.5 billion for film and television production in California over five years and guaranteed editorial independence for CNN and CBS News. The settlements were finalized on September 21, 2026, following a legal effort led by California Attorney General Rob Bonta.
The merger still requires federal court approval. A penalty of $7 million per day will apply starting October 1, 2026, if the transaction is not completed. The deal has already received clearance from the Department of Justice, the Federal Communications Commission, and international regulators. The merger is expected to close as early as October 2026.
Following the announcement, market reaction was positive. Paramount shares rose by approximately 7–8%, while Warner Bros. Discovery stock increased by about 10%. The combined entity will manage a portfolio including Paramount Pictures, CBS, HBO, Max, CNN, and the DC Comics universe, among other assets.
