Paramount Skydance expects its Warner Bros. Discovery acquisition to close on October 6, 2026, after U.S. District Court Judge Araceli Martínez-Olguín approved a settlement with 12 state attorneys general that ended a months-long no-close order. The consent decree resolves the states’ Section 7 Clayton Act challenge over concentration in theatrical films and television channels. The merged company must release at least 30 films annually in its first two years and 32 annually in years three through five, each with a theatrical window of at least 45 days; missing a target would require divesting its Miramax stake and paying $30 million per film below the applicable minimum. It must also spend at least $300 million more annually on domestic production than in 2025, keep cable-distribution negotiations separate, preserve the Paramount and Warner Bros. studio lots, and establish a five-member editorial-independence board for CBS News and CNN. Paramount separately settled a Writers Guild of America lawsuit, agreeing to contribute $17.5 million to the Writers' Guild-Industry Health Fund and pay up to $6 million in legal costs. David Ellison will remain chairman and CEO, while Ynon Kreiz, Mattel’s leader for the past eight years, will become co-CEO overseeing operations and integration.