Supreme Court clears Paramount and Warner Bros Discovery merger to close

Supreme Court Justice Elena Kagan denied a last minute effort to halt Paramount's merger with Warner Bros. Discovery without comment, Deadline reported. The emergency bid was filed by Paramount subscribers seeking to stop the deal until the Supreme Court could consider their case, according to The Hollywood Reporter. The decision allows the transaction to close on Tuesday. [1][2]

Outlets offered slightly different valuations for the deal, with The Hollywood Reporter citing a $110 billion and a $111 billion transaction, while background data puts the purchase at $110.9 billion or $31 per share. Under the terms of the agreement, the merged entity must release at least 30 theatrical films a year for the first two years, according to The Hollywood Reporter. [2][3][9]

The transaction will bring executive changes across the combined business, which will operate under the Skydance name. The Hollywood Reporter reported that TNT Sports chairman and CEO Luis Silberwasser will step down after the deal closes, with CBS Sports chief David Berson set to lead the combined sports division. Variety reported that Warner Bros. Discovery president and CEO David Zaslav released a farewell video to employees on the eve of the merger. [3][7]

As FTMQ Creators reported earlier, David Ellison has named the executive team for the newly formed Skydance Corporation, with former Mattel chief Ynon Kreiz joining as co-CEO alongside Ellison. Reports differed on the status of Stephen Colbert's film project, The Lord of the Rings: Shadows of the Past. Gizmodo cited a report that the project was paused due to the merger, while Polygon reported that the movie remains in development. [4][5][10]