N.D. CAL.Litigation
Twelve states file proposed consent decree settling antitrust challenge to Paramount-Warner Bros merger
A twelve-state coalition led by California submitted a proposed consent decree in California federal court on Monday, settling antitrust litigation against Paramount Skydance's planned acquisition of Warner Bros Discovery. Under the thirty-two-page agreement, Paramount agreed to divest cable networks including Comedy Central and BET, maintain theatrical film quotas for five years, increase domestic production spending by $300 million annually, and establish independent editorial oversight boards for CBS News and CNN.
Filing (Office of the New York State Attorney General) → · Reuters, Deadline, ABC7 Chicago
Key points
- Paramount agreed to divest cable channels including BET, VH1, Comedy Central, Smithsonian, Destination America, and Science to an approved buyer.Office of the New York State Attorney General
- The decree mandates thirty theatrical films yearly for two years and thirty-two for three years, with four independent films each year.Office of the New York State Attorney GeneralReuters
- Failure to meet annual theatrical quotas triggers a $30 million per-film penalty paid primarily into worker assistance funds.ReutersABC7 Chicago
- Paramount covenants not to raise licensing rates on theatrical exhibitors for three years following the merger closing.Office of the New York State Attorney GeneralReuters
- The Writers Guild of America separately settled its parallel federal antitrust lawsuit against the merger on Monday.Reuters
Sources4 articles across 4 outlets · 10 in the cluster
ABC7 Chicago
Deadline
Office of the New York State Attorney General
Reuters