Settlement talks between Paramount and 12 state attorneys general over its proposed $110 billion acquisition of Warner Bros. Discovery have made progress but ended without agreement. California’s attorney general is reportedly open to conditions, while New York and Connecticut are demanding stronger safeguards, particularly over employment and editorial independence at CNN and CBS News.

Possible terms include keeping Warner Bros.’ studio operations separate temporarily, releasing at least 30 films theatrically each year with financial penalties for failure, protecting Paramount’s California operations and appointing an independent editorial adviser for CNN and CBS News. New York is seeking specific job guarantees amid Paramount’s projected $6 billion in savings, while Connecticut wants firmer protections against owner interference; the deal also faces a Writers Guild lawsuit and would take at least a week to close after any settlement.