California and Paramount Skydance have reportedly reached a settlement allowing the company to complete its $111 billion merger with Warner Bros. The settlement, which will reportedly be announced later today, drew condemnation from Democrats and media advocates. Behavioral remedies routinely fail, and the stakes here are particularly high given that a strong democracy requires open markets for sound journalism and creative expression.” After news of advanced settlement talks was reported over the weekend, Bloomberg reported today that Paramount reached an agreement with California and other states that sued to block the merger.
The New York Times reported the deal a bit later, saying that “four people familiar with the negotiations” confirmed it. The settlement was also confirmed in a Wall Street Journal report that said “the combined company is set to emerge with nearly $80 billion in debt—a substantial burden already expected to weigh on its investments in the business.” Media advocacy group Free Press criticized California Attorney General Rob Bonta.
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