Paramount and 12 states defend antitrust settlement over WBD merger

California Attorney General Rob Bonta and 12 other state attorneys general have defended a settlement regarding the merger between Paramount and Warner Bros. Discovery (WBD). The agreement follows an antitrust lawsuit led by Bonta and comes amid criticism from Senator Cory Booker and others who questioned the deal's merits.

In response to Booker’s concerns, court documents filed by Paramount, Skydance, and the attorneys general state that the proposed consent decree will actually expand theatrical output. The combined entity is required to release at least 30 films annually for the first three years and 32 films for the following two years.

Bonta clarified that the settlement is not an endorsement of the merger but a measure to protect competition and consumer choice. Key provisions of the agreement include commitments to annual film releases, domestic production, an independent film fund, and protections for workers. Additionally, Paramount must establish a News Editorial Independence Board for CNN and CBS News.

Critics, including Senator Booker, have called for more thorough reviews, while some political figures, such as Los Angeles Mayor Karen Bass, previously advocated for a swift resolution to protect local entertainment industry jobs. The settlement was reached shortly before an October 1 deadline to avoid daily fees owed to WBD.