Paramount Skydance Settles With California Over Warner Deal
Paramount Skydance Corp. reached a settlement with California and other states. The states had tried to stop the deal in court.
Paramount Skydance wants to buy Warner Bros. Discovery Inc. for $110 billion.
This settlement clears a major hurdle for the deal. California led the legal challenge with 12 attorneys general.
Under the settlement Paramount Skydance will not sell off assets. The company will also keep its operations in California.
The combined company would join studios, streaming services and cable networks. Settlement talks happened over the weekend.
The settlement terms could be announced today. The official deal is expected to be announced Monday.
Klear Note — An acquisition means one company buys another. A settlement is an agreement resolving a legal dispute.
Key Terms 3
- Warner Bros. Discovery Inc. A major media company that owns movie studios, TV channels and streaming services.
- attorneys general The top legal officers for each US state.
- Paramount Skydance Corp. A media company formed by combining Paramount and Skydance studios.