$PSKY (PARAMOUNT SKYDANCE) — 8-K: Paramount Skydance, WBD clear state antitrust suit; consent decree allows merger close

The U.S. District Court for the Northern District of California entered a States Consent Decree on September 30, 2026, resolving the Plaintiff States' Clayton Act suit and modifying the no-close order to permit the WBD Merger to close. The five-year commitment requires the Combined Entity to release at least 30 films in each of the first two years and 32 films in each of years three through five, with at least 20 wide-release films in the first two years and at least 21 thereafter, plus at least four independent films per year. Each counted film must have a 45-day theatrical window and cannot hit SVOD for at least 90 days. Shortfalls trigger a $30 million contribution per film and potential divestiture of Miramax Studios; an uncured breach of basic cable negotiation terms requires divestiture of BET, VH1, Comedy Central and Smithsonian.

The U.S. District Court for the Northern District of California entered a States Consent Decree on September 30, 2026, resolving the Plaintiff States' Clayton Act suit and modifying the no-close order