Paramount settles US states’ lawsuit to unlock $110bn Warner deal

Paramount is said to have agreed to maintain independent editorial boards for CBS and CNN - frankpeters/paramount Paramount is poised to close its $111bn (£83bn) takeover of Warner Bros after settling a legal challenge to block the deal. The US media giant, controlled by Larry Ellison, Oracle co-founder and billionaire, has reportedly struck an agreement with a dozen US states that will clear the way for the biggest shake-up of Hollywood in decades. As part of the deal, Paramount is said to have agreed to maintain independent editorial boards for CBS and CNN. It has also agreed to pay a $30m penalty per film if it falls short of its promise to release 30 films in cinemas each year, Bloomberg reported.