Court enters 12-state consent decree clearing Paramount-WBD merger; 5-year film release quotas imposed

Paramount Skydance Corp

Court entered 12-state consent decree Sept 30, 2026, ending the Clayton Act suit (No. 4:26-cv-07116-AMO) and lifting the no-close order so the WBD merger can close.
Combined entity must release 30 films/year in years 1-2 and 32 in years 3-5, including 20-21 wide releases on 2,000+ screens and 4 independent films yearly, with 45-day theatrical windows.
Shortfalls trigger $30M per film (50% to industry health/retirement funds, 40% to MPTF, 10% to NAAG) or Miramax divestiture; US production spend must rise $300M/yr ($1.5B total).
WGA settlement: $17.5M to Writers' Guild-Industry Health Fund and up to $6.0M in WGA fees; CBS News WGA headcount held at baseline; no material impact seen on synergy targets.
Five-member News Editorial Independence Board for CBS News/CNN required within 180 days; Pluto TV must remain free ad-supported; state legal fees capped at $40M.

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