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Skydance-owned Paramount reached a settlement Monday with a group of state attorney generals that had sued to challenge the company’s buyout of Warner Bros. Discovery, effectively paving the way for the mega merger to move forward, a person familiar with the matter told the AP.
The person was not authorized to speak publicly and did so on condition of anonymity. Details of the settlement with the states were not immediately available, but were expected to be revealed later in the day.
The coalition of states — including entertainment heavyweights like California and New York — sued to block the $81 billion merger back in July, alleging a Paramount-Warner combo would “extinguish competition” and lead to fewer choices for consumers, particularly movie theater goers and cable customers across the U.S.
Accompanied by a complaint also filed by the Writers Guild of America, the challenge was headed toward a full antitrust trial set to kick off in March.