California settles lawsuit, clearing Paramount-Warner Bros. $111B merger

California and Paramount Skydance reportedly reached a settlement allowing the company to complete its $111 billion merger with Warner Bros. Discovery. The deal combines Paramount+ with HBO Max and gives Paramount control of CNN and CBS, drawing condemnation from Democrats and media advocates.

• Merger valued at $111 billion; combined company to carry nearly $80 billion in debt
• Paramount+ will merge with HBO Max; CNN and CBS come under Paramount ownership
• Massachusetts, New York, Connecticut and Minnesota dropped their opposition
• Settlement includes independent editorial boards for CBS and CNN and a penalty over 30 theatrical films per year