Variety is reporting that the Paramount/Warner Bros Discovery merger is scheduled to close next Tuesday, October 6.
The report also notes that Ynon Kreiz, who served as the CEO of Mattel for the past eight years, will join Paramount on October 5 to serve as a co-CEO alongside David Ellison. Kreiz will oversee the day-to-day operations and combined businesses, while Ellison will take the lead on strategy, creative and technology functions.
The merger of Paramount and WBD, which is AEW’s broadcast partner was recently settled with a group of 12 state attorneys general that had initially filed a lawsuit to block the deal citing that it would be an antitrust merger.
The report also notes with the deal nearing, Warner Bros. Discovery CEO David Zaslav is expected to depart the company. He is set to earn more than $550 million in stock and cash once the deal has been finalized and closes – including $34.2 million in cash severance payments. Other top execs anticipated to exit include chief revenue and strategy officer Bruce Campbell and CFO Gunnar Wiedenfels.
Variety further notes that among the terms of the settlement are as follows:
-Paramount-WBD is prohibited from selling the Paramount Studios or Warner Bros. lots in the state for at least five years, and is obligated to invest at least an additional $300 million on film production in the U.S. annually.
-The combined Paramount-WB also must release at least 30 movies for theatrical distribution in the first two years (something Ellison has repeatedly promised he would do) and at least 32 in years 3-5, with a 45-day window for wide-release films.
-The merged Paramount-Warner Bros. also will be subject to monitoring by a “news editorial independence board,” which will establish “guiding editorial and journalism principles for” for CNN and CBS News.
Tony Khan said recently that the Paramount/WBD merger would be great for AEW and strengthen the company.
The Paramount/WBD merger was announced back in February, after Netflix was outbid and chose not to counter offer Paramount’s $110 billion, along with $31-per-share all-cash offer.