Paramount-Warner Bros. merger moves forward after judge approves settlement
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Paramount entered the final stages of merging with Warner Bros. Discovery on Wednesday afternoon, when a federal judge approved last week's settlement of an antitrust lawsuit filed by state attorneys general. Minutes after Judge Araceli Martínez-Olguín issued an order accepting the settlement, Paramount CEO David Ellison announced that he is hiring Ynon Kreiz to be co-CEO of the combined company. Kreiz has been the CEO of Mattel for the past eight years. The media merger will unite Warner Bros. movie studio with the Paramount studio, HBO Max with Paramount+, MTV with Discovery, and CBS News with CNN. Paramount intends to complete its takeover of WBD next week, sources told CNN. The new name of the combined company could be announced as soon as Thursday. Ellison, who has been pursuing the mega-merger for the past year, said in a press release he wanted to add a partner to help run the combined Paramount-WBD. Ellison will remain chairman and CEO, while Kreiz will be co-CEO and will join the combined company's board of directors. "It's a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company's overall creative direction, talent relationships, strategic partnerships, technology and capital allocation," Ellison said. That means Kreiz "will focus on the company's...
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