Overview
- Paramount and a coalition of 12 state attorneys general reached a proposed consent decree that would let Paramount complete its roughly $111 billion acquisition of Warner Bros. Discovery by imposing five years of behavioral remedies instead of forcing a sale.
- The decree requires $300 million per year in U.S. production, a theatrical output floor of 30 films a year rising to 32, a 45‑day theatrical window with a 90‑day streaming delay, an editorial oversight board for CNN and CBS News, and penalties or divestiture triggers for sustained shortfalls.
- On Monday the companies and the state AGs filed court papers defending the deal as a negotiated, enforceable compromise and rejecting Sen. Cory Booker’s request for an independent Tunney‑Act style public‑interest review.
- Judge Araceli Martínez‑Olguín has not approved the settlement, has ordered answers to Booker’s questions and other objections, and said she will rule “in due course,” while contractual ticking fees and a tentative Oct. 5 closing date create near‑term pressure.
- Opponents including press‑freedom groups and industry advocates say the five‑year term, force‑majeure carve‑outs and limits on the newsroom board make the remedies weak, and observers warn the deal’s huge debt load may still drive layoffs and consolidation even if the decree is entered.