Key Highlights

  • Paramount Skydance Corporation reached an antitrust settlement with state attorneys general on September 21, 2026.
  • The settlement covers its roughly USD 111 billion Acquisition of Warner Bros. Discovery, Inc..
  • The Department of Justice had already approved the deal.
  • Shareholders of both companies had already signed off, putting the deal near final close.

Clearing the Last Regulatory Hurdle

Paramount Skydance Corporation reached an antitrust settlement with state attorneys general on September 21, 2026, resolving one of the final remaining obstacles to closing its roughly USD 111 billion acquisition of Warner Bros. Discovery, Inc.. State-level antitrust settlements often address concerns distinct from federal review, such as regional market concentration or consumer-protection provisions specific to individual states, making this settlement a necessary complement to the earlier federal approval. The settlement creates an editorial oversight board for CBS and CNN to help preserve editorial independence, along with a five-year commitment to specified theatrical film distribution and a pledge to return production jobs to the United States. Connecticut Attorney General William Tong said he had wanted and demanded full divestiture of CNN and CBS News and was deeply disappointed it was not included, while California Governor Gavin Newsom was credited with personally brokering the talks that broke the logjam.

A Deal Years in the Making Nears Completion

With the Department of Justice having already approved the deal and shareholders of both Paramount Skydance and Warner Bros. Discovery having overwhelmingly signed off, the September 21 state-level settlement effectively clears the way for the transaction to reach final close. A deal of this scale, combining major film, television, and streaming Assets across both companies, has drawn sustained scrutiny throughout the review process given its implications for competition within the media and entertainment industry.

What the Combination Means for the Media Landscape

Once finalized, the combined company will bring together Paramount Skydance's studio and streaming operations with Warner Bros. Discovery's extensive film, television, and cable network portfolio, creating one of the largest integrated media companies in the industry. The completion of this deal is likely to intensify competitive pressure on other streaming and media companies as the combined entity works to integrate operations and realize the scale advantages that motivated the acquisition.

Where Things Stand

Paramount Skydance's antitrust settlement with state attorneys general, arriving after DOJ approval and Shareholder votes, puts its roughly USD 111 billion acquisition of Warner Bros. Discovery on the verge of final close. The completed combination is likely to reshape competitive dynamics across the media and streaming industry once integration begins.