Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery cleared one of its last major obstacles this week after the company reached a settlement with California and eleven other states that had sued to block the deal.

The states had argued the combination, which would merge Paramount's studio and streaming operations with Warner Bros. Discovery's networks, HBO Max and film library, raised antitrust and media-concentration concerns. The settlement, announced Sept. 21, removes what had been considered a significant legal roadblock to closing, according to The Washington Post.

An escape from Nasdaq

Paramount's board also decided this week to voluntarily withdraw the company's Class B common stock from the Nasdaq Global Select Market and move its listing to the New York Stock Exchange, with trading on the NYSE expected to begin on or about Oct. 6, according to Variety. The company has cautioned that the exact timing of the deal's close is "not yet certain," even as it prepares the operational and financial groundwork for a combined company.

NOT YET CERTAIN, BUT CLOSE

Paramount Skydance won Warner Bros. Discovery in a bidding war last year after outbidding Netflix, which had an earlier agreement in place from December 2025. Warner shareholders approved the $31-a-share, all-cash Paramount offer in April, and the deal has been expected to close sometime between September and December of this year, according to CNN Business.

The combined company would control an enormous slice of American film and television, from CNN and HBO to Paramount's film library and Skydance's production slate, drawing continued scrutiny from media watchdogs even as the legal and regulatory hurdles fall away one by one.