Paramount-Warner Bros. Merger Cleared to Close Following $111 Billion USD Settlement Approval

Federal judge approves consent decree with state attorneys general, clearing the path for the landmark entertainment deal.

Summary

Paramount and Warner Bros Discovery are set to officially close their $111 billion USD merger on October 6, 2026

US District Judge Araceli Martínez Olguín approved a settlement with 12 state attorneys general removing the final legal barrier

Former Mattel CEO Ynon Kreiz will join David Ellison as co-CEO to lead the combined entertainment conglomerate

Paramount and Warner Bros. Discovery are scheduled to officially complete their $111 billion USD merger on October 6, 2026. U.S. District Judge Araceli Martínez-Olguín signed off on a settlement agreement with 12 state attorneys general, eliminating the final legal hurdle blocking the largest corporate takeover in Hollywood history.

The approved consent decree establishes specific operational parameters for the combined media empire rather than requiring asset divestitures. Key terms mandate that the merged entity cannot sell the historic Paramount Studios or Warner Bros. studio lots for at least five years, must commit an additional $300 million USD annually toward U.S. film production, and must release at least 30 feature films in theaters across the first two years. Furthermore, a dedicated news editorial independence board will be established to govern journalistic principles for both CBS News and CNN.

Alongside the legal resolution, the executive structure of the combined conglomerate has been formalized. Paramount chief David Ellison has brought on former Mattel CEO Ynon Kreiz to serve as co-CEO, while HBO head Casey Bloys is expected to assume control of the unified streaming division. Outgoing Warner Bros. Discovery CEO David Zaslav will step down as the merger officially closes.

The transaction between Paramount and Warner Bros. Discovery is set to close on October 6, 2026.