A U.S. court has allowed Paramount to complete its merger with Warner Bros. $110 billion

On September 30, the US Federal Court for the Northern District of California approved the agreement of Paramount Skydance media corporation with the authorities of California and 11 other states that tried to block its merger with Warner Bros. Discovery. According to CNBC, this decision removes the last obstacle to the completion of the transaction for $110 billion.

Same day Paramount and Warner Bros. announced the date of completion of the merger – October 6. Paramount CEO David Ellison said the combined company’s CEO will be Inon Kreis, who headed toy maker Mattel. He will start working for the company on October 5. The statement said Ellison will be responsible for issues such as strategy, creative tasks and technology at the corporation, and Mr. Kreis will lead its day-to-day operations and manage the pooling of assets between the two companies.

In February, Paramount and Warner Bros. We agreed to merge. However, the deal has drawn strong opposition from both the film industry and regulators. In July, 12 states sued to block the deal because it would create a media giant that threatened free competition. In September, Paramount reached an agreement with these states, but the agreement was approved by the court. Under the terms of the agreement, the combined company must produce at least 30 films a year over five years and invest an additional $300 million annually in the US film industry.

Jana Christmas