- U.S. District Judge Araceli Martinez-Olguin delayed action on the settlement between 12 state attorneys general and Paramount Skydance (PSKY) covering its $110 billion planned acquisition of Warner Bros. Discovery (WBD), pending amicus briefs, which postpones deal finalization despite the settlement.
- The consent decree requires Paramount to release 30 films annually for the first two years and 32 per year afterward, including at least four independent films annually, invest $1.5 billion more in U.S. film production over five years, stay in California, maintain physical production lots, and set up an independent editorial board for CNN and CBS.
- Deal opponents argue the consent decree is weak and unenforceable, claiming the attorneys general failed to represent the public interest adequately.
- Warner Bros. Discovery intends to voluntarily delist from Nasdaq Global its 4.302% Senior Notes due 2030 and 4.693% Senior Notes due 2033 issued by subsidiary Discovery Global Holdings, and to deregister them under the Exchange Act, with a Form 25 filing expected on or around October 6, 2026.
- WBD states the delisting and deregistration will not affect the terms of the Euro Notes, and neither WBD nor PSKY has arranged for listing or registration of the notes on another national securities exchange.
Quotes
“The voluntary delisting and deregistration of the Euro Notes, if completed, will not affect the terms of the Euro Notes.”
“Paramount must release 30 films annually for the first two years, 32 per year afterward, including at least four independent films annually, invest $1.5 billion more in U.S. film production over five years, stay in California, maintain physical production lots, and set up an independent editorial board for CNN and CBS.”