Settlement creates board to insulate CNN from newsroom interference
Paramount’s owners have agreed to a series of concessions with a coalition of 12 Democratic state attorneys general to resolve a lawsuit that threatened the media company’s $111 billion takeover bid for Warner Bros. Discovery, according to a person familiar with the arrangement.
The person confirmed the deal on condition of anonymity because Paramount and the attorneys general had not publicly released details, NPR reported.
Under the terms NPR described, the agreement binds Paramount to operate Warner Bros. Studios and Paramount Pictures separately, at least for now. The two studios together would release at least 30 films a year or face a financial penalty.
The settlement also creates a board intended to insulate Warner’s CNN from corporate intervention in newsroom decisions — a demand that came from several of the attorneys general.
Warner Bros. Discovery is Paramount’s larger Hollywood rival, according to NPR. The 12-state lawsuit had threatened the proposed combination.
NPR attributed the reporting to correspondent David Folkenflik. The outlet called the agreement a developing story, with neither Paramount nor the attorneys general publicly confirming or detailing the arrangement as of NPR’s report.