Paramount has reached a settlement with a coalition of state attorney generals that had sued to challenge the company's buyout of Warner Bros. Discovery, a person familiar with the matter told The Associated Press. The agreement is expected to clear the way for the major merger to proceed.
Details of the settlement were not immediately available but were anticipated to be disclosed later on Monday. The coalition of states, which included California and New York, filed their lawsuit in July. They argued that a combination of Paramount and Warner Bros. Discovery would stifle competition, ultimately leading to fewer choices for consumers, particularly for moviegoers and cable television subscribers across the United States.
The legal challenge, which was also supported by the Writers Guild of America, was heading towards a full antitrust trial scheduled to begin in March.