India, Sept. 22 -- Paramount Skydance Corp. has reached a settlement with California and four other states that had challenged its proposed acquisition of Warner Bros. Discovery, removing a major legal obstacle to the $110 billion deal. The settlement is expected to be formally announced after negotiations over the weekend.
States Agree to Settlement
Massachusetts, New York, Connecticut and Minnesota had remained opposed to the terms of an earlier agreement involving California. The states ultimately joined the settlement after concluding that continuing the legal battle without California would not justify the costs, according to a person familiar with the negotiations.
The states that held out also secured provisions involving independ...