Paramount's owners made concessions to 12 Democratic state attorneys general to resolve a lawsuit threatening its $111 billion takeover of Warner Bros. Discovery. California Attorney General Rob Bonta called the settlement a "strong solution that protects competition and consumers," though not a merger endorsement.

The agreement, pending judicial approval, requires Paramount to operate Warner Bros. Studios and Paramount Pictures separately, release at least 30 films a year for two years and 32 for three, or face penalties. They will spend $300 million more annually on U.S. productions. A board will insulate CBS and CNN from corporate newsroom intervention, with a trustee monitoring compliance.

Paramount CEO David Ellison said the deal is "pro-competitive, pro-consumer and pro-worker," with clearance in nearly 70 jurisdictions. The Ellison family's ties to President Trump raised concerns about CNN's integrity. Connecticut AG William Tong said Paramount resisted an independent editorial board until last week; Connecticut demanded full divestiture of CNN and CBS News.