What happened: Warner Bros. Discovery (WBD) and Paramount Skydance (PSKY) stock rallied 7% and 5%, respectively, on Monday. What's behind the move: Paramount is reportedly in advanced settlement talks to finalize negotiations with California officials, who had sought to block the company's $111 billion acquisition of Warner Bros. on antitrust grounds. Under the proposed settlement, the combined company would face financial penalties if it fails to release at least 30 films in theaters each year. Paramount would pay $30 million for each movie short of that target, according to two people familiar with the discussions cited by Bloomberg. The report also said Paramount could be forced to sell its 49% stake in Miramax if it does not meet the target.
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