Judge clears Paramount–Warner Bros. Discovery deal; close set for Oct. 6

A federal judge on Wednesday approved Paramount Skydance’s settlement with state attorneys general over its Warner Bros. Discovery takeover, clearing what Variety and Deadline described as the final major U.S. litigation hurdle before the companies can combine.

Closing date: Later Wednesday, Paramount Skydance and Warner Bros. Discovery said in a joint release that the merger is expected to close on Oct. 6, 2026, subject to customary conditions. Under the merger agreement as restated in that release, each WBD share converts into cash equal to $31.00 plus about $0.00278 for each calendar day after Sep. 30 through the closing date — roughly $31.02 if closing falls on Oct. 6. Deadline noted a roughly $7 million-a-day “ticking fee” exposure for Paramount beginning Oct. 1 if the deal is not closed.

Settlement terms and reaction: Coverage of the decree says the combined company must keep releasing a set number of theatrical films (at least 30 a year for the first two years and at least 32 in years three through five, per Variety), invest additional hundreds of millions annually in U.S. film production, refrain from selling the Paramount or Warner Bros. California studio lots for at least five years, and accept a news editorial independence board for CNN and CBS News. Bonta’s office said it was “pleased” the court approved a settlement that, in its words, resolves the states’ antitrust concerns in the markets they sued over; the Block the Merger coalition called the outcome a failure to impose meaningful structural remedies.

Leadership: Shortly after the ruling, Paramount said David Ellison recruited Ynon Kreiz — stepping down as Mattel’s chairman and CEO — to serve as co-CEO of the combined company at closing, with Kreiz set to start at Paramount on Oct. 5. NBC reported Ellison will remain chairman and CEO focused on strategy, creative and technology, while Kreiz oversees day-to-day operations and integration. Warner Bros. Discovery CEO David Zaslav is expected to depart at close, Variety noted.

Uncertainty: Closing can still slip if customary conditions are not met. Financing steps, including Paramount’s large bond raise reported this week, remain part of the path to close. Deal-size figures vary slightly by outlet (~$110–111 billion).

Court approval and settlement context follow Variety (Todd Spangler), Sep 30, 2026 (~12:32 p.m. PT), and Deadline (Jill Goldsmith, Dominic Patten), Sep 30, 2026 (~12:47 p.m. PT). Oct. 6 anticipated closing date and per-share cash formula follow the companies’ joint PR Newswire release, Sep 30, 2026 (18:49 ET). Kreiz co-CEO announcement and NBC wrap follow Paramount/PR Newswire and NBC News (Steve Kopack), Sep 30, 2026. Deal size is reported as about $110–111 billion across outlets; this draft uses Variety’s ~$111 billion framing consistent with prior US Brief coverage. Closing remains subject to customary conditions; the Oct. 1 ticking-fee clock is described in Deadline/NBC coverage of the merger agreement.