Paramount-WBD Settlement Sparks Shock, Sets Stage for Mass Layoffs

Insiders were stunned by a settlement between Paramount Skydance, Warner Bros. Discovery and 12 state attorneys general over the Paramount-WBD merger, with critics saying the concessions are thin and no divestitures are required. As the deal nears a two-week closing window, executives warn of multiple rounds of layoffs in the fourth quarter as the merged company restructures, even as Paramount’s David Ellison asserts California will remain the base. The consent decree includes a $47.5 million workforce fund and CBS News layoff protections for five years, but critics say it provides limited leverage to curb downsizing, and television was notably underemphasized in the agreement.