A federal judge in California has approved the antitrust settlement standing between Paramount Skydance and the $111 billion acquisition of Warner Bros. Discovery, clearing the last legal barrier to what Variety reports as the largest media deal in Hollywood history. The merger is expected to close on October 6.
U.S. District Judge Araceli Martínez-Olguín found the settlement "represents a reasonable factual and legal resolution," reached through "highly contested" litigation led by California Attorney General Rob Bonta and a coalition of 12 state attorneys general.
The consent decree binds the combined company to meaningful theatrical commitments: at least 30 films per year for the first two years, 32 per year for the following three, with 45-day theatrical windows on wide releases. A $300 million annual investment in U.S. film production is required. Under the agreement, neither the Paramount Studios lot nor the Warner Bros. lot in California can be sold for five years.
David Ellison becomes Chairman and CEO of the combined entity. Ynon Kreiz, stepping down from Mattel, was named co-CEO and joins on October 5. Casey Bloys will oversee the merged streaming operations combining HBO Max and Paramount+. WBD CEO David Zaslav departs when the deal closes.
The transaction unites Warner Bros. Pictures and Paramount Pictures, CBS and CNN, and two major streaming services under a single corporate structure. What that means for theatrical distribution, independent releases, and the long-term futures of both studio libraries will become clearer after October 6.