Paramount Skydance has settled lawsuits from a coalition of state attorneys general and the Writers Guild of America, clearing the last major legal hurdle standing between the company and its roughly $110 billion acquisition of Warner Bros. Discovery.

The settlement, announced Sept. 21, resolves challenges brought by California and 11 other states, plus the writers' union, according to Al Jazeera's reporting on the deal. Under the terms, Paramount commits to producing 30 films annually in the first two years after closing — at least 20 of them wide theatrical releases — rising to 32 films a year from years three through five, with a $30 million penalty triggered for every film it falls short. The company also agreed to invest $1.5 billion in U.S. film production over five years and fund programs supporting independent filmmakers and workforce training.

Editorial "Firewalls" — With an Asterisk

To address concerns about news independence at CNN and CBS, both properties will get newly created independent editorial boards along with mandated staffing levels and added protections for journalists. But press-freedom advocates are skeptical the arrangement has real teeth. "An independent editorial board for CNN and CBS is a weak half-measure," said Seth Stern of the Freedom of the Press Foundation. "The fish rots from the head, and this particular fish is headed by a compromised oligarch."

The deal still leaves open the possibility that CNN could ultimately be sold or that other cable channels could be divested, a question regulators and Paramount are said to still be weighing.

The financial stakes of moving fast are real: Paramount owes Warner Bros. Discovery shareholders a $7 million-a-day fee if the acquisition doesn't close by the end of September, giving the company strong incentive to push the deal over the finish line in the coming days, per Insurance Journal's coverage. The settlement is widely seen as a win for Paramount CEO David Ellison, clearing the way for what would be one of the largest media consolidations in Hollywood history — combining Paramount's studio and CBS with Warner Bros., HBO, CNN and the rest of Discovery's cable portfolio under one roof.