Judge allows Paramount to close $110 billion takeover of Warner Bros. Discovery

A California judge on Wednesday formally approved Paramount Skydance’s settlement with California and other states, the final hurdle required for it to close its $110 billion takeover of Warner Bros. Discovery.

The seismic merger will bring together the likes of CBS News and CNN, HBO Max and Paramount+ and storied film studios Warner Bros. and Paramount Pictures.

After the deal was approved by the U.S. Justice Department, the European Commission and dozens of other countries worldwide, it was held back by a lawsuit led by California’s democratic attorney general Rob Bonta.

Bonta and other state attorneys general worried that the deal, if completed, would reduce competition and potential imperil the journalistic independence of CNN.

Paramount Skydance, led by David Ellison, reached a deal with the states on Sept. 21, which will require the combined company to release at least 30 films a year and set up an editorial board to oversee both CNN and CBS News.

The merged company will also invest more than $1 billion in U.S. film production and worker training.

The companies did not immediately respond to a request for comment.