The antitrust settlement clearing Paramount's Warner Bros. takeover

What changed

• No definitive acquisition value, no definitive yearly production figure, no public price-freeze duration, and no spelled-out news-oversight enforcement.The record distinguishes the approximately $110 billion enterprise valuation from the $81 billion signing equity valuation and fixes the release floors at 30, 30, 32, 32 and 32 for 2027–2031. There is no subscriber price freeze; news oversight now has specified appointment, monitoring and court-enforcement rules, though its performance remains untested.
• ~$80bnExpected combined net debt
• 156Required theatrical releases, 2027–2031
• April 4, 2027Deadline to appoint news oversight board

Still open then

• Whether closing lands within weeks and whether Congress demands the missing numbers before it does.

What changed

• September 30, 2026The court grants the motion to enter the consent decree.

Still open then

• No definitive acquisition value, no definitive yearly production figure, no public price-freeze duration, and no spelled-out news-oversight enforcement.Answered in update 3 ›
• Whether closing lands within weeks and whether Congress demands the missing numbers before it does.

What we knew first

• 12states that sued to block merger
• $7Mdaily fee past September if no close
• 30 then 32minimum films per year, 2 plus 3 years
• Settlement with 12-state coalition and Writers Guild removes state block without CNN or franchise sales.
• Film quota is 30 a year for 2 years, then 32 a year for 3 years, plus 5 years separate cable talks.

Still open then

• No definitive acquisition value, no definitive yearly production figure, no public price-freeze duration, and no spelled-out news-oversight enforcement.Answered in update 3 ›

We said we'd watch for

• Whether closing lands within weeks and whether Congress demands the missing numbers before it does.