A senior US Justice Department official has downplayed the antitrust concessions secured by 12 state attorneys general in their settlement allowing Paramount’s proposed $111 billion merger with Warner Bros Discovery to proceed. Stanley Woodward said the agreement introduced no new antitrust commitments, arguing that Paramount’s existing promises were sufficient to protect competition and that consumers benefit when mergers close promptly.

The five-year settlement requires Paramount to release 30 films annually during its first two years and 32 annually thereafter, while guaranteeing theatrical runs of at least 45 days. California Attorney General Rob Bonta said the deal would increase US production, including an extra $300 million a year in domestic film-making, require separate cable-channel negotiations and include an independent monitor; breaches could trigger asset sales, including Miramax and selected channels. The case had been due for trial in March, while Paramount faced a potential $7 million daily payment if the merger was delayed beyond 30 September.