Skip to content
Bramble

Business · Paramount and Warner Bros. Discovery $110bn merger closes

Judge approves Paramount settlement with state AGs, clearing way for $111bn Warner Bros. merger

A federal judge approved Paramount's settlement with 12 Democratic state attorneys general, removing the last barrier to its $111bn takeover of Warner Bros. Discovery, tentatively set to close on 6 October.

12 outlets · 7L · 2C · 3R First reported Account updated
Image: Variety
Image: Deadline
Image: Just the News
Image: NBC News
Image: Washington Examiner
Image: France 24
Image: IndieWire
Image: Arab News

1 / 8

The story, neutrally told

On Wednesday 30 September, U.S. District Judge Araceli Martínez-Olguín approved Paramount's settlement with the 12 Democratic state attorneys general who sued to block its merger with Warner Bros. Discovery. Variety describes the order as the final remaining barrier to the $111 billion, debt-fuelled deal, which regulators in 68 jurisdictions, including the Justice Department, had already cleared. Paramount has tentatively set Tuesday 6 October to close, according to regulatory filings.

The consent decree has no divestitures, which California Attorney General Rob Bonta, who led the states' suit, had previously insisted on. It bars sales of the Paramount and Warner Bros. lots for at least five years, requires $300 million a year in additional U.S. film production, and sets minimum theatrical releases of 30 films in the first two years and 32 in years 3-5. A "news editorial independence board" will set editorial principles for CNN and CBS News.

The judge found the decree a fair, reasonable and good-faith approach, citing backstop divestment requirements if the merged company fails to comply. Opponents, including the #BlockTheMerger coalition, had urged rejection, and Sen. Cory Booker had asked for an independent public-interest review, which Paramount and the states opposed. The Atlantic, earlier in the week, said the companies were closer to a deal but the future remained murky.

Leadership changes are emerging: WBD CEO David Zaslav is expected to leave, and HBO's Casey Bloys is poised to oversee combined streaming.

Every sentence links to the reporting it rests on.

Left7 outlets

Framing
Variety reports the ruling as the end of a long fight, with David Ellison finally winning Warner Bros. Discovery. The Atlantic stresses that the deal's future is uncertain.
Emphasis
Variety covers settlement terms, the judge's reasoning, executive changes and Zaslav's payout. The Atlantic's headline points to a murky future.
Leaves out or plays down
Coverage from only two left-leaning outlets, with no centre or right view. Variety gives opponents' objections less space than the settlement terms.
Charged language
“fierce year-long battle”“A $111 Billion Hollywood Takeover With a Murky Future”
For example
“after a fierce year-long battle, is finally about to get his hands on Warner Bros. Discovery” — Variety
“A $111 Billion Hollywood Takeover With a Murky Future” — The Atlantic

Centre2 outlets

No centre outlet in our sources has covered this story yet.

Right3 outlets

No right outlet in our sources has covered this story yet.