Judge allows Paramount to close $110 billion takeover of Warner Bros. Discovery

A California judge on Wednesday formally approved Paramount Skydance’s settlement with California and other states, the final hurdle required for it to close its $110 billion takeover of Warner Bros. Discovery.

Judge clears way for Paramount to acquire Warner Bros.

The seismic merger will bring together the likes of CBS News and CNN, HBO Max and Paramount+, and storied film studios Warner Bros. and Paramount Pictures.

Shortly after the judge’s approval, David Ellison, the CEO and controlling shareholder of Paramount Skydance, announced that Mattel CEO Ynon Kreiz would become co-CEO of the combined media giant.

Kreiz will join the company Oct. 5, and the companies said in a statement the deal “is expected to close on October 6.”

“As Chairman & CEO, Ellison will lead all strategy, creative and technology while Kreiz, as Co-CEO will oversee the Company’s day-to-day operations and integration of the combined businesses,” the statement said.

Several outlets also reported this week that Paramount streaming chief Cindy Holland is departing the studio and Casey Bloys, HBO’s chief, will take on a new role running the combined streaming operations.

After the deal was approved by the U.S. Justice Department, the European Commission and dozens of other countries worldwide…

Original source: https://www.nbcnews.com/business