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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.
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.
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.
This is a developing news story and will be updated.
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