The long-awaited $110 billion merger between Paramount and Warner Bros. Discovery has cleared its final legal hurdle. A federal judge approved a settlement resolving antitrust challenges on Wednesday.
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.
Social media users claimed the merger would place CNN under the ownership of “Trump donors.”
Judge clears merger after antitrust settlement
US District Judge Araceli Martínez-Olguín approved the settlement. Paramount said the transaction is expected to become effective on October 6.
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. 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 combined company will merge several major entertainment brands and streaming services, including HBO Max and Paramount+.
{{/usCountry}}The combined company will merge several major entertainment brands and streaming services, including HBO Max and Paramount+.
{{/usCountry}}It will also combine the news operations of CNN and CBS News under the same corporate parent.
What are the key terms of the settlement?
One of the most closely watched provisions is the creation of an independent editorial board overseeing CNN and CBS News.
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 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.
The agreement also includes several business commitments negotiated during talks with state attorneys general. Paramount agreed to:
- Release at least 30 films annually in U.S. theaters for the next five years.
- Increase annual US production spending by $300 million.
- Maintain separate negotiations for certain cable channel agreements.
Trump's feud with CNN in focus amid the merger
Since returning to the White House in 2025, Trump has repeatedly criticized the network, its White House correspondent Kaitlan Collin's and its reporting.
Paramount owners David Ellison and Larry Ellison have supported Republican candidates, including Trump. Hence, following Wednesday’s ruling, social media posts suggested CNN would now be “under the corporate ownership of Donald Trump donors.”
Conservative commentator, Eric Daugherty, wrote on X, “CNN will now be under the corporate ownership of DONALD TRUMP DONORS. CNN is now going to be under Larry and David Ellison, who are financially backing this merger.”
Additional leadership changes have already begun ahead of the merger. Paramount streaming chief Cindy Holland is leaving the company, while HBO executive Casey Bloys is expected to oversee the combined streaming platform.