Federal judge allows Paramount-Warner merger to move forward

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Set us as preferred A federal judge in Oakland has approved a settlement that allows Paramount Skydance Chief Executive David Ellison to finalize his $111-billion acquisition of Warner Bros.Discovery.The merger could finalize by early next month, capping the 43-year-old tech scion’s meteoric rise into one of Hollywood’s most influential figures.

The Ellison family claimed Paramount and CBS last year, and will now add HBO, CNN, TBS, HGTV and the film and television studio with rights to Batman, Harry Potter, Fred Flintstone, “Friends” and “The Pitt” to its sprawling media and entertainment portfolio.His father Larry Ellison, through his company Oracle Corp., also owns a substantial stake in the social media app TikTok and is among the tech giants supporting development of artificial intelligence.

Hollywood Inc.With the agreement, California Atty.

General Rob Bonta and his coalition plan to withdraw historic lawsuit that aimed to derail the $111-billion deal.The settlement agreement, which spans five years, requires the combined Paramount-Warner Bros.to release 30 films in theaters each year, commit an additional $1.5 billion to domestic film production and set aside $47.5 million for workers who may be adversely affected by the merger.

It calls for the creation of a five-member panel to monitor editorial independence of CBS News and CNN, although critics note the Ellisons control board appointments, diminishing its independence.The agreement, known as a consent decree, also stipulates that Paramount won’t sell or close its Melrose Avenue campus in Hollywood or the larger Warner Bros.

lot in Burbank.The combined company must instead operate the historic facilities “in a manner consistent with past practices” for at least five years.

An independent monitor is expected to oversee implementation of the settl...