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Paramount and state attorneys general reportedly near settlement over Warner Bros. takeover

Negotiators are considering temporary studio operational separations as an impending October deadline approaches.

Updated Sep 21, 2026 · 02:41 UTC4 reports

The short version

  • Paramount and a 12-state coalition led by California Attorney General Rob Bonta are in advanced discussions to settle an antitrust lawsuit challenging Paramount's acquisition of Warner Bros. Discovery.[Variety · The Hollywood Reporter]
  • Proposed terms under discussion include running the two entertainment studios independently for a period rather than combining them immediately.[Variety · The Hollywood Reporter]
  • A resolution would enable Paramount to close the deal ahead of an October 1 deadline that imposes a daily $7 million fee.[Variety · The Hollywood Reporter]
  • Final terms remain unresolved as coalition members, including the attorneys general of New York and Connecticut, push for stronger employee protections and oppose the current proposal.[Variety]

Key facts

  • Paramount and a 12-state coalition led by California Attorney General Rob Bonta are negotiating a potential settlement in the antitrust challenge against the Warner Bros. Discovery acquisition.[Variety · The Hollywood Reporter]
  • Negotiators have discussed terms under which Paramount would operate the movie studios separately for a period instead of immediately merging them.[Variety · The Hollywood Reporter · Variety]
  • Paramount will incur a $7 million-per-day ticking fee starting October 1 if the acquisition is not finalized.[Variety · The Hollywood Reporter]
  • The Federal Communications Commission approved Paramount's petition allowing 49.5 percent foreign equity ownership in connection with the deal, which includes approximately $24 billion from Middle Eastern sovereign wealth funds.[Variety · The Hollywood Reporter]
  • A federal trial over the antitrust lawsuit is scheduled to begin in March 2027.[Variety]

What remains uncertain

  • Whether the coalition will reach consensus remains unverified, as California AG Rob Bonta previously rejected separate operations as mere behavioral remedies, Connecticut AG William Tong opposes the current terms, and New York AG Letitia James seeks specific workforce protections.[Variety · The Hollywood Reporter · Variety]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.