Paramount Skydance Shares Rise on Antitrust Settlement for $110B Warner Bros. Discovery Deal
Paramount Global (NASDAQ:PSKY) shares rose nearly 4% after reaching a settlement with 12 U.S. states and the Writers Guild of America, clearing a major legal hurdle in its $110 billion acquisition of Warner Bros. Discovery (NASDAQ:WBD). The deal now faces fewer obstacles before final judicial approval expected within two weeks. Warner Bros. Discovery shares remained flat on Tuesday despite rising 8% over the past month as market participants had already priced in a likely closing. A daily fee to WBD shareholders kicks in if the merger does not close by September 30, adding urgency for completion. The settlement includes commitments from the merged entity to maintain theatrical windows and preserve Pluto TV’s free service. The Communication Services Select Sector SPDR ETF (XLC) rose slightly while the broader S&P 500 remained flat, indicating that Tuesday's move was driven by PSKY-specific news rather than a sector-wide rally.
Topics: antitrust settlement media merger stock price movement