US District Judge Araceli Martínez-Olguín approved Paramount's settlement with 12 states on Wednesday, the last barrier to a deal the companies plan to close October 6.
The big picture: The merger had already cleared regulators in 68 jurisdictions worldwide, including the Justice Department, which left the state antitrust case as the final hurdle.
- The consent decree "represents a reasonable factual and legal resolution of the dispute," Martínez-Olguín wrote, calling it a procedurally sound resolution.
Zoom in: Paramount must spend at least $300 million more a year on US film production, release at least 30 films theatrically in two years with a 45-day window, and hold its California lots for five years.
Between the lines: California Attorney General Rob Bonta had pressed for divestitures and the settlement includes none. A news editorial independence board will set journalism principles for CNN and CBS News.
Why it matters: One company will own HBO Max and Paramount+, CBS and CNN, Harry Potter and Mission: Impossible. Ynon Kreiz is leaving Mattel to serve as co-CEO alongside David Ellison.
