September 22, 2026
Oregon Capital Chronicle
By Mia Maldonado
Key Takeaways:
Twelve Democratic-led states, led by California AG Rob Bonta, reached a Monday court settlement that would let a $110 billion Paramount–Warner Bros. Discovery merger proceed if a judge approves five-year conditions on production, workers, and cable competition.
The merged company would spend at least $1.5 billion on U.S. film production, put $47.5 million into a displaced-worker fund, release 30 then 32 theatrical films a year plus at least four independents annually, negotiate Paramount and Warner basic-cable channels separately, and create a News Editorial Independence Board for CNN and CBS.
Missing film-output targets would require divesting Miramax and paying $30 million per missed film toward union health and retirement benefits. Bonta said the deal is not an endorsement of the merger but the best way to address the states’ antitrust case.
(Oregon Capital Chronicle) — Paramount and Warner Bros. Discovery may move forward with a merger under the conditions that they boost film production, support displaced workers and preserve competition among cable channels over the next five years, 12 Democratic-led states and the attorneys representing the companies agreed in a court settlement Monday.
After the two leading film companies sought a $110 billion merger this summer, California Attorney General Rob Bonta and 11 other attorneys generals filed a lawsuit in the U.S. District for the Northern District of California arguing the merger eliminates competition within the film industry and violates federal antitrust laws.
If approved by a judge, the settlement would allow the merger to move forward under the conditions that over the next five years the merged company spends at least $1.5 billion to boost U.S. film production and commits $47.5 million to a training and development fund for workers affected by the merger.
The deal also requires Paramount to negotiate its basic cable channels separately from Warner Bros.’ basic cable channels to preserve competition between them and keep prices down for consumers. The company must also establish a News Editorial Independence Board to help protect editorial independence at CNN and CBS.
The settlement requires the merged company to commit to releasing 30 films per year in theaters for the first two years of the combined company and 32 films per year for the three years after that. Additionally, the company must release at least four independent films each year throughout the five years of the settlement.
“We stepped up to challenge this merger to limit rising costs for working families, to preserve competition, and to protect Oregon’s film production industry,” said Oregon Attorney General Rayfield. “Today’s agreement keeps real competition in place, ensures that productions will continue and ensures journalistic independence. That’s a win for Oregon workers and consumers.”
If the company fails to meet the film output requirements, it must divest from Miramax Studios and pay $30 million per missed film toward healthcare and retirement benefits for the Writers Guild of America, the International Alliance of Theatrical State Employees, the Directors Guild of America, International Brotherhood of Teamsters and other unions.
“This settlement is not a vote of support for this merger,” Bonta said in a statement. “But we believe this settlement, which resolves our antitrust concerns in every market alleged in our case, protects competition and consumer choice, and puts workers’ needs, concerns and futures first, is the best course of action.”
Bonta filed the lawsuit alongside the Democratic attorneys general of Oregon, Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York and Washington.
About Oregon Capital Chronicle
The Oregon Capital Chronicle, founded in 2021, is a professional, nonprofit news organization. We focus on deep and useful reporting on Oregon state government, politics and policy. Staffed by experienced journalists, the Capital Chronicle helps readers understand how those in government are using — or abusing — their power, what’s happening to taxpayer dollars, and how citizens can stake a bigger role in big decisions.
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