Paramount-WBD merger approved; expected to close Oct 6

A federal judge approved the Paramount–Warner Bros. Discovery merger settlement on Wednesday afternoon, lifting the order that had blocked the deal from closing. The merger is now expected to close October 6. Under the consent decree, the combined company must produce at least 30 theatrical films a year for the first two years (32 a year after that) and spend an additional $1.5 billion on production over five years, with an Independent Editorial Board overseeing CNN and CBS News.

Mattel CEO Ynon Kreiz is joining as co-CEO alongside Ellison.

Sources: Fast Company, The Wrap.