Paramount closes $110 billion deal to acquire Warner Bros. Discovery
The merger unites two major movie studios, news operations CBS News and CNN and cable networks including Comedy Central and TNT.
Watch CBS News
The merger unites two major movie studios, news operations CBS News and CNN and cable networks including Comedy Central and TNT.
The ruling comes after a coalition of 12 states sued to block the deal, arguing it would harm consumers and the entertainment industry.
The suit poses a new challenge to the $110 billion deal that would unite two of the nation's largest media companies.
Streaming giant Netflix declined to match Paramount Skydance's $31 per share offer for Warner Bros. Discovery.
Warner Bros. Discovery said that Paramount Skydance is considering enhancing its buyout offer for the entertainment company.
The exit came a week after Paramount Skydance made its $108.4 billion all-cash offer to Warner Bros. Discovery.
The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.
Paramount Global, the owner of Paramount Pictures and CBS, will merge with a media company founded by David Ellison.