A federal judge approved a settlement resolving antitrust challenges on Wednesday. The long-awaited $110 billion merger between Paramount and Warner Bros. Discovery has cleared its final legal hurdle.
Shortly after the ruling, Paramount CEO David Ellison announced that Ynon Kreiz, the longtime CEO of Mattel, will become co-CEO of the combined company. CNN reported that according to the settlement, the board will monitor whether both news organizations follow ethical journalism, editorial independence and fact-based reporting. The decision paves the way for one of the largest media mergers in recent years which will bring together CNN, CBS News, HBO Max, Paramount+, Warner Bros. Pictures, Paramount Pictures, MTV and Discovery under a single company. The merger comes amid President Donald Trump ‘s repeated criticism of CNN over its coverage. Ellison will remain chairman and CEO, focusing on long-term strategy, creative direction, technology and partnerships, while Kreiz will oversee day-to-day operations and integration. The board is also intended to shield newsroom decisions from influence by company ownership or shareholders.
California Attorney General Rob Bonta, whose office helped negotiate the settlement, previously also said the editorial board would help ensure objective journalism.
Paramount said the transaction is expected to become effective on October 6. US District Judge Araceli Martínez-Olguín approved the settlement.
