California Ends Paramount-Warner Merger Battle with Five-Year Deal

California settled its bid to block Paramount’s merger with Warner Bros. Discovery with a five-year consent decree that imposes minimum film output, release windows, and production spending, plus an editorial-independence board for CBS News and CNN, while avoiding divestitures. The deal was reached under political pressure from Gov. Gavin Newsom and allies, balancing the risk of Paramount relocating and a costly antitrust trial against the chance of a tougher court ruling. The agreement keeps the studios open in Los Angeles and sets concrete performance penalties and potential divestitures if quotas are missed, marking a high-profile but negotiated resolution to a historic Hollywood consolidation fight.