David Ellison’s Paramount Skydance has cleared the last major hurdle to closing its $110 billion merger with Warner Bros. Discovery.
Paramount has settled the antitrust lawsuit brought by 12 states, California’s Attorney General Rob Bonta announced on Monday.
“We have complete clearance for this merger and can move toward closing,” Ellison said in a Monday memo to staffers, obtained by Business Insider.
A key part of the settlement: Bonta said Paramount agreed to release 30 movies in theaters each of the next two years, followed by 32 movies in each of the next three. At least 20% must be “tentpoles,” defined as movies with a budget of at least…
