Supreme Court Justice Denies Emergency Motion to Block Paramount Merger

Supreme Court Justice Elena Kagan has denied an emergency petition to halt the upcoming merger between Paramount and Warner Bros. Discovery, Deadline reported. The petition was submitted to the court docket without comment ahead of the transaction closing scheduled for Tuesday, October 6. Hollywood Reporter Business noted that the emergency filing was made by Paramount subscribers who sought to pause the deal until the Supreme Court could review their full case. [1][2][3]

Outlets differ on the exact valuation of the transaction. Hollywood Reporter Business cited the deal at $110 billion in one report and $111 billion in another, while background information values the acquisition at $110.9 billion. Under the terms of the agreement, the combined entity must release a minimum of 30 theatrical films each year for its first two years, followed by 32 films per year for the next three years, according to Hollywood Reporter Business. [2][3][9]

The transaction will unite the media companies under the Skydance name. As FTMQ Entertainment reported earlier, David Ellison will serve as chairman and chief executive officer of Skydance Corporation, with former Mattel chief Ynon Kreiz joining as co-chief executive officer. Hollywood Reporter Business reported that TNT Sports chairman and chief executive officer Luis Silberwasser will step down following the completion of the merger, with CBS Sports chief David Berson taking charge of the combined sports division. [3][7][10]

According to Hollywood Reporter Business, the executive leadership team will feature Warner Bros. Discovery executives Mark Thompson, Casey Bloys, and JB Perrette alongside Paramount film chiefs Dana Goldberg and Josh Greenstein and television executive George Cheeks. Background information indicates that the acquisition is supported by funding from the Ellison family, RedBird Capital Partners, and sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates. [7][9]