Paramount settled its antitrust case with 12 state attorneys general led by California AG Rob Bonta, removing a major obstacle to its $111 billion acquisition of Warner Bros. Discovery, the largest merger in Hollywood history. The settlement, reached just before a $7 million daily fee was to begin accruing, does not require major divestitures despite Bonta's earlier insistence on structural remedies. The deal concludes litigation that had been set for trial in March 2027 and was also opposed by the Writers Guild of America.