Paramount Skydance and Warner Bros. Discovery expect to close their merger Oct. 6 after a federal judge approved their settlement with 12 state attorneys general, bringing two major Hollywood studios a step closer to sharing one owner.
“Let me be clear: This settlement is not a vote of support for this merger,” said California Attorney General Rob Bonta when announcing the agreement Sept. 21, even as he said its commitments would protect competition, workers and consumer choice.
US District Judge Araceli Martínez-Olguín approved the settlement Sept. 30, Variety reported. The states had challenged the acquisition over concerns that combining the businesses would reduce competition and movie output while raising prices. The court’s decision clears the way for the transaction to proceed; it does not mean the companies have already completed it.
In their joint announcement later that day, Paramount and Warner Bros. Discovery set Oct. 6 as the anticipated closing date, subject to customary closing conditions. That qualification matters: the date is the companies’ expectation, not a completed milestone.
The deal would bring Paramount Pictures and Warner Bros. Pictures together with HBO Max, Paramount+, CBS, CNN, Nickelodeon and Cartoon Network. For families, those are familiar names spread across movie tickets, television channels and streaming subscriptions. A change in ownership does not, by itself, establish a new subscription price or tell parents which programs will change.
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The agreement puts specific numbers behind the combined company’s theatrical plans. It requires at least 30 movies annually in the first two commitment years and 32 annually in the following three, including at least 20 wide releases in the first two years and 21 thereafter. The yearly slate must also include at least four independent movies.
The filed settlement terms require a minimum 45-day exclusive theatrical window for each movie counted toward that commitment. Those titles must also stay off subscription streaming services for at least 90 days after their initial US theatrical release. Families who prefer to watch at home should not confuse either minimum with a guaranteed streaming premiere on the first eligible day.
The production and worker commitments reach beyond the screen. The agreement calls for at least $300 million more in annual US production spending than the companies’ combined 2025 level, totaling at least $1.5 billion more over five years. It also provides $47.5 million over five years for workforce training, career development and community programs, and requires continued access to a free, ad-supported service such as Pluto TV.
Paramount is arranging leadership for the anticipated combined business, too. In a Sept. 30 announcement, Paramount Chairman and CEO David Ellison named Mattel Chairman and CEO Ynon Kreiz as co-CEO effective at closing. Ellison will focus on strategy and creative direction, while Kreiz will oversee day-to-day operations and integration.
The next concrete checkpoint is Oct. 6. Until the companies announce completion, this remains an expected closing, with commitments still to carry out. More theatrical releases may give families more choices, but the number of movies alone cannot answer the question that matters at home: which stories are worth our time?
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