Paramount’s owners have made a series of concessions to a coalition of 12 Democratic state attorneys general to resolve a lawsuit that endangered the media company’s $111 billion takeover bid of its larger Hollywood rival, Warner Bros. Discovery, according to a person with knowledge of the arrangement.
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The person who confirmed the deal spoke on condition of anonymity because the company and the attorneys general have not yet publicly released any information on it.
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The agreement will bind Paramount to operate Warner Bros. Studios and Paramount Pictures separately — at least for now. Together, they will release at least 30 films a year, or risk a financial penalty. And the deal will also create a board intended to insulate Warner’s CNN from corporate intervention in newsroom decisions, a demand from several of the attorneys general.
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