Paramount reaches deal with state AGs on merger lawsuit

(CNN)– State attorneys general suing to block Paramount’s acquisition of Warner Brothers Discovery, CNN’s parent company have reached a settlement.

This moves the companies closer to completing the merger.

Paramount and Warner now expect the $110 billion media merger to take effect in early October, one source said.

California’s attorney general announced that in exchange for the states dropping their antitrust lawsuit, Paramount will commit to releasing 30 films per year in theaters.

And Paramount must establish a news editorial independence board for CNN and CBS News.

The settlement clears the way for Paramount CEO David Ellison to expand his media empire.