tl;dr: Paramount Skydance closed its $111B merger with Warner Bros. Discovery, forming a new company called Skydance that combines Paramount+ and HBO Max, CBS and CNN, and major sports properties including CBS Sports and TNT Sports. The deal cleared after Justice Kagan rejected a last-minute block and a California-led multistate antitrust suit was settled, with concessions requiring minimum film investment/releases and separate negotiations for the two entities' basic cable distribution. Free speech and media groups criticized the settlement as inadequate.