Paramount settles with 12 states, clearing the $110bn Warner Bros deal in about two weeks

Paramount Skydance has settled the antitrust case brought by 12 state attorneys general over its $110 billion acquisition of Warner Bros Discovery, removing the last big obstacle to the deal. The Writers Guild of America separately settled its own suit.

David Ellison said Paramount hopes to close in approximately two weeks, and that the studios will remain in California.

What Paramount gave up

• Theatrical releases: at least 30 films distributed in cinemas every year.
• Production spend: $1.5 billion over five years.
• CNN: a board to safeguard the news channel's editorial independence.

What Paramount did not give up is the part that matters commercially. It keeps Warner Bros Discovery's cable networks without divesting any of them, which is a concession from the attorneys general rather than from Paramount.

California Attorney General Rob Bonta, facing criticism, defended the settlement as very strong.

Why a Pakistani viewer should care

The combined company would hold Paramount+, HBO Max, CBS, CNN, Warner Bros, DC, Discovery and the Harry Potter and Lord of the Rings libraries in one place. Two of the world's five biggest English-language content catalogues become one buyer and one seller.

For Pakistan that shows up in three ways. Licensing: the local streaming and cable operators that buy Hollywood packages negotiate with one fewer counterparty, which historically pushes package prices up. Cinema windows: the 30-films-a-year commitment keeps a supply of titles heading to theatrical release, which is what keeps Cinepax, Nueplex and the Lahore multiplexes stocked, since local box office depends heavily on imported titles between Pakistani releases. Streaming price: HBO Max is not officially available in Pakistan, and a merged group deciding which markets to open is a slower process than two rivals competing to get there first.

A month of a foreign streaming subscription paid by card also carries the exchange rate. At Rs 277.22 to the dollar, a $10 plan is Rs 2,772 before any bank charge. Check the current rate on the currency converter.