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Paramount, now led by David Ellison, has reached a settlement with several US states, removing a legal obstacle to its planned $110 billion merger with Warner Bros Discovery. The settlement allows the company to avoid a daily $7 million penalty fee if the merger closes by September 30. The deal represents one of the largest media consolidations in recent years and has faced scrutiny from regulators and state authorities over its market implications. Completion of the merger by the end of September would mark a major milestone in reshaping the US media and entertainment landscape.