Paramount received US court approval on Sept 30 to complete its US$110 billion (S$140 billion) acquisition of Warner Bros, with the companies saying the transaction is expected to close on Oct 6. The ruling approved a Sept 21 settlement with a California-led group of 12 states that had challenged the merger on concerns it could create a media behemoth able to raise film and television prices. The agreement requires the combined company to release at least 30 films annually in US theaters for five years, spend an additional US$300 million a year on US production, negotiate basic-cable agreements separately for the two companies’ channels and establish a board of journalists overseeing CBS News and CNN. Missing the film quota could require the sale of Miramax. Paramount also agreed to pay US$17.5 million to the Writers Guild of America’s health fund and maintain WGA staffing levels at CBS News for five years. Mattel CEO Ynon Kreiz will join Paramount on Oct 5 and become co-CEO when the transaction closes, working alongside chairman and CEO David Ellison on daily operations and integration. Kreiz’s appointment adds an experienced operator as Paramount targets more than US$6 billion in merger savings.