Judge approves Paramount's settlement with states, clearing path to close Warner Bros. deal

A federal judge on Wednesday approved a settlement between Paramount Skydance and a group of state attorneys general who had sued to block the company's takeover of Warner Bros. Discovery, clearing the final hurdle for the deal to close, according to CNN, NBC News, Reuters, Deadline and other outlets. U.S. District Judge Araceli Martínez-Olguín, who oversaw the antitrust case, approved the consent decree reached on Sept. 21 between Paramount and the states, Deadline reported.

Judge Martínez-Olguín wrote that "the Court finds the proposed consent decree represents a reasonable factual and legal resolution of the dispute," according to Deadline's excerpt of her ruling.

Sources differ on the exact number of states involved in the suit and the dollar value of the deal. NBC News reported the settlement was with California and other states and valued the takeover at $110 billion, a figure also cited by Reuters and Newsmax. The Hollywood Reporter similarly valued the deal at $111 billion. The Washington Times and Just the News, however, reported the settlement was with 12 states and valued the transaction at $81 billion.

Variety described the takeover as the most expensive in Hollywood history and said Paramount chief David Ellison had pursued the deal through what it called a year-long battle before the settlement was reached. Variety reported the merger is set to close next week following the judge's approval.

How the coverage differed

Left-leaning outlets, including CNN, the Los Angeles Times, NBC News, The Hollywood Reporter and Variety, generally framed the ruling as the merger "moving forward," with several — NBC News and The Hollywood Reporter among them — citing the $110-111 billion valuation of the deal. Variety gave the most background, naming Paramount chief David Ellison and characterizing the fight to acquire Warner Bros. Discovery as a prolonged and costly battle, a detail not included by other outlets in the supplied material.

Center outlets, including The Wall Street Journal, Forbes, Deadline and Reuters, emphasized the legal mechanics of the decision, with Deadline providing the only direct quotation from Judge Martínez-Olguín's ruling and specifying the Sept. 21 date of the original settlement. Reuters' and Forbes' summaries were brief, focusing narrowly on the clearing of the "last hurdle" or "last legal hurdle."

Right-leaning outlets, including The Washington Times, Just the News and Newsmax, also framed the ruling as clearing the way for the merger, but The Washington Times and Just the News reported the settlement involved 12 states and valued the deal at $81 billion, differing from the $110-111 billion figures reported across left and center outlets. This is a notable factual discrepancy between the two groups that the supplied material does not resolve.

Overall, left-leaning outlets provided the most detail on deal value and corporate background, center outlets provided the most detail on the legal reasoning behind the ruling, and right-leaning outlets offered comparatively brief accounts focused on the outcome.

What is still unclear

The sources do not reconcile the conflicting figures for the deal's value — reported as $110 billion, $111 billion and $81 billion — or the number of states party to the lawsuit, cited as either unspecified or 12. It also remains unclear from the supplied material whether the merger has formally closed, since Variety reported it was expected to close "next week" at the time of the judge's approval.