From The New York Times: Paramount reached an agreement on Monday to resolve an antitrust lawsuit delaying its $111 billion acquisition of Warner Bros. Discovery, eliminating the last significant barrier to the creation of an entertainment and media colossus.
A group of states, led by California’s attorney general, Rob Bonta, a Democrat, sued Paramount in July, arguing that an acquisition of Warner Bros. Discovery would concentrate too much power over cable TV and blockbuster films under one company.
After weeks of on-again-off-again negotiations, Paramount and the states agreed to a number of concessions to complete the deal, Mr. Bonta said at a news conference on Monday. The entertainment giant has agreed to establish a board to ensure the editorial independence of CNN and CBS News and committed to distributing 30 movies in theaters every year. The company also pledged to spend an additional $1.5 billion on film production over the next five years and guaranteed to increase the share of those movies that are made in America.
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