It's happening. David Ellison's Paramount is about to take over Warner Bros. Discovery in a $111 billion deal. On Wednesday, U.S. District Judge Araceli Martínez-Olguín signed off on Paramount's settlement with the 12 Democratic state attorneys general who had sued to block the merger. That was the last hurdle standing.
Paramount is now aiming to close the deal on Tuesday, October 6. That's when, after months of drama, twists and turns, the merger will become official.
After that, the combined company will own two major movie studios and both HBO Max and Paramount+. On the TV side, it will have CBS, CNN, MTV, TBS, Comedy Central, Food Network and more. Its franchise lineup will include Harry Potter, "Game of Thrones," the DC Universe, "Yellowstone," "Mission: Impossible" and "Top Gun."
HBO chief Casey Bloys is expected to run the combined streaming business now that Cindy Holland is stepping down from Paramount+. On the way out is WBD CEO David Zaslav, who will walk away with more than $550M in cash and stock, including $34M in severance.
Two departments are worth keeping an eye on. First, Warner Bros. film chiefs Pam Abdy and Michael De Luca, who had a great 2025 and a rough 2026. Chances are they're on the chopping block. Then there's DC Studios' James Gunn and Peter Safran. Will they be ousted? If I had to bet, Ellison will wait to see how next summer's "Man of Tomorrow" performs before making a decision.
So what did Paramount agree to? The company can't sell the Paramount or Warner Bros. studio lots for at least five years, and it must spend an extra $300M a year on U.S. film production. It also has to release at least 30 theatrical films in the first two years and at least 32 in years three through five, with a 45-day theatrical window for wide releases. CNN and CBS News will be overseen by a new board meant to protect editorial independence.
That’s all folks, the Warner Bros. we've known for over a century is about to become something very different. Ellison has made a lot of promises to theaters, filmmakers and regulators, and now he has to deliver on them. The next 12 months will be very interesting to follow.
Hoover is a hot literary name, and that means "Verity" is currently projected to open to around $24M this weekend, which would be a solid result for a mid-budget adult thriller.