Paramount Settles Antitrust Lawsuit Challenging Merger With Warner Bros

Paramount Skydance on Sept. 21 settled with California and 11 other states that tried to block its $110 billion acquisition of Warner Bros Discovery, clearing a path for what is expected to be ​one of the largest media mergers ever.

The deal allows the companies to move toward closing the transaction instead of fighting the states’ antitrust lawsuit.

California Attorney General Rob Bonta said at a press conference that the agreement to settle will bring more film production to the United States—at least $300 million more each year—as well as a deal to increase annual film releases after closing.

Reuters contributed to this report.

This is a developing story and will be updated.