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00:02Paramount Skydance reached settlements Monday, with a California-led coalition of 12 states
00:07and the Writers Guild of America over its $110 billion acquisition of Warner Bros. Discovery,
00:13according to Reuters.
00:14The agreements cleared a major legal obstacle to the merger.
00:17Paramount agreed to spend at least $300 million more annually on U.S. film production and
00:22meet theatrical release quotas for five years.
00:24The company will also create a news editorial independence board overseeing CBS and CNN,
00:30and will not raise rates on theater operators for three years.
00:33The settlement avoids a forced sale of cable assets or film franchises.
00:37Warner Bros. Discovery shares surged more than 10% Monday.
00:40The merger is expected to generate $6 billion in savings.
00:43For all things money, visit Benzinga.com.
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