Paramount-Warner Bros. $110B merger clears antitrust hurdle with state settlement

The settlement removes a major regulatory barrier to a $110 billion media consolidation that would create the second-largest streaming competitor to Netflix, combining HBO Max and Paramount+ to reach 240+ million subscribers by 2030. Measurable commitments include 30-32 annual theatrical releases, $1.5 billion additional U.S. production spending over five years, and editorial oversight of CNN and CBS News. The merged entity carries $77+ billion net debt; multiple layoffs are expected as redundant functions consolidate across production, distribution, and cable operations. Distributors retain separate negotiating rights for basic cable channels, and studio lots in Los Angeles and Burbank cannot be divested during the five-year compliance period.