Emergency Pod: Paramount Settles—and Bonta Caves

Paramount secured Warner Bros. Discovery approval via a light-touch, five-year consent decree with no divestitures despite months of tough rhetoric from California's AG.

• Behavioral, not structural: The consent decree requires 30 combined films/year (4 independent, 20 wide-release), $300M more annual U.S. production spend, and separate carriage negotiations—but no divestitures.
• Small dollar figures: Total commitments amount to roughly $1.6 billion over five years, including a $48 million worker retraining fund and $17.5 million to the WGA health fund.

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