Paramount Skydance and Warner Bros. Discovery reached a settlement with state attorneys general that clears a path for their proposed $111 billion merger, though California Attorney General Rob Bonta said the agreement was not an endorsement of the transaction. The deal would combine film studios, cable channels, streaming services and major franchises, while placing CBS News and CNN under one corporate owner. Conditions include Paramount releasing 30 films annually in theaters during the first two years, investing $1.5 billion in domestic film production and establishing an editorial independence board for CBS News and CNN. Critics question the safeguards because Paramount would select the board's five members, the board would report to the company's chief compliance officer and it would not have to be formed for 180 days. The settlement followed pressure linked to David Ellison's threat to move Paramount production jobs out of California, and the merger still needs approval from a federal judge. Media analysts also foresee layoffs as the combined company seeks savings while carrying billions of dollars in debt.