Paramount-Warner Deal Nears Oct. 6 Close After Settlement

Paramount's $110 billion Warner Bros. Discovery takeover closes Oct. 6, with Ynon Kreiz named co-CEO.

According to CNN, as cited by Complex, Paramount executives spent the past week finalizing the $110 billion takeover of Warner Bros. Discovery, arranging financing and preparing to announce the combined company's leadership. A new corporate name could be revealed as early as Thursday, with both companies now expecting the merger to close on Oct. 6. Complex reports the closing follows a federal judge approving the settlement in the multistate antitrust lawsuit that had threatened to derail the acquisition into a March 2027 trial.

The deal appeared frozen for months: Complex reports California Attorney General Rob Bonta led a coalition of 12 states seeking to block the acquisition on antitrust grounds, and a trial had been set for March 2027. Mark Ruffalo publicly urged Bonta not to abandon the lawsuit, telling him 'Do not cave, Rob Bonta,' as Complex reports thousands of entertainment workers signed petitions against the merger. Instead, the states settled, with Complex noting the agreement reportedly includes financial penalties if Paramount fails to fulfill David Ellison's commitment to release at least 30 theatrical films annually. Cord Cutters News adds the settlement requires an additional $1.5 billion in film and television spending over five years and an editorial independence board covering CNN and CBS News.

Complex reports Paramount launched a major bond offering to finance the acquisition, attracting a reported $109 billion in investor demand, and is pitching approximately $6 billion in cost savings as it prepares to manage the deal's enormous debt. The outlet also reports that beginning Oct. 1, a fee worth approximately $7 million per day began accruing to Warner Bros. Discovery shareholders until the acquisition closes, giving Paramount a direct financial incentive to complete the deal quickly. On leadership, Complex reports Mattel CEO Ynon Kreiz has been named co-CEO and will serve alongside Ellison once the deal closes, while Cord Cutters News reports Kreiz would oversee day-to-day operations and integration under that arrangement.

Complex reports that streaming chief Cindy Holland is departing ahead of the merger, clearing the way for HBO chairman Casey Bloys to reportedly assume the top programming role across combined streaming operations — a move Cord Cutters News reports gives Bloys control of Pluto TV, Paramount+, Discovery+, and HBO Max. In her exit memo, Complex quotes Holland saying, 'David is optimizing for HBO stability as we move into this next chapter, and I fully support that.' Additional leadership announcements are expected in the coming days, including the futures of CBS News and CNN, per Complex. Complex also reports the merger has already driven uncertainty among Warner Bros. employees and creative talent, with the combined company's debt burden and planned cost reductions raising concerns about additional layoffs.