Paramount’s David Ellison has stated that the company has cleared a major legal hurdle on the way to closing its acquisition of Warner Bros. Discovery.
On Monday, September 21, Paramount Skydance reached a settlement with California and 11 other states that filed an antitrust lawsuit against the company to block its merger with Warner Bros. Discovery.
In a statement reported by Deadline to address the settlement, Chairman and CEO of Paramount, David Ellison, thanked California Attorney General Bonta, his fellow AGs, and the Writers Guild of America.
“We are grateful to Attorney General Bonta and his fellow AGs, as well as the WGA, for engaging in good faith to find a path forward to a resolution that serves all parties, and to Governor Newsom for his support throughout this process,” Ellison said.
“Our shared aim was an outcome that best serves consumers, workers, and — most importantly — the creative community so vital to the art of visual storytelling. We’re confident this agreement does exactly that, memorializing a series of commitments that include 30+ films annually and expanded U.S. film production to help revitalize our industry here at home,” the Paramount CEO added.
What else did David Ellison say in his statement about the Paramount and Warner Bros. merger?
Ellison went on to emphasize the vision for the merger and its potential benefits. “Our goal has always been to build a stronger Hollywood,” he said. “One with more stories told, greater choice for consumers, and stronger competition.”
The Paramount head continued, “That vision was validated by unanimous approval from competition authorities in nearly 70 jurisdictions worldwide, who agreed this deal is pro-competitive, pro-consumer, and pro-worker. Having now addressed the State AGs’ and WGA’s concerns, we have complete clearance for this merger and look forward to putting these commitments into action.”
Ellison concluded, “Bringing Paramount and Warner Bros. Discovery together will build that stronger Hollywood, creating expanded opportunity for our people and even more great entertainment for audiences around the world.”
With the settlement of the antitrust lawsuit, the Paramount and Warner Bros. Discovery merger has cleared a major legal obstacle. The final transaction is expected to be closed by October 2026.
Originally reported on ComingSoon.
