Updated

Paramount reached a settlement with California and 11 other states that had sued to block its planned $110 billion acquisition of Warner Bros. Discovery, removing a major legal obstacle to the merger. The consent decree includes commitments such as minimum numbers of theatrical releases over the next several years. The settlement has drawn criticism from some antitrust advocates, including former FTC chair Lina Khan, who argued the states had a strong case that the merger was illegal, raising concerns about the deal's long-term impact on media competition.