Paramount is expected to soon finalize its acquisition of Warner, a deal valued at approximately 111 billion dollars (97 billion euros). The merger, which took more than seven months of negotiations, is historic due to the sheer number of brands and licenses subject to intellectual property rights involved. According to Variety, the agreement includes the consolidation of major franchises such as Harry Potter, The Lord of the Rings, and DC comics from Warner, as well as Paramount's properties like Mission: Impossible, Top Gun, and the Godfather trilogy. Television catalogs from both companies include HBO, known for shows like Game of Thrones and Succession, and Paramount's Yellowstone, Star Trek, and SpongeBob SquarePants via Nickelodeon. Video game studios are also part of the transaction. To avoid a judicial procedure initiated by 12 states, led by California, for anti-competitive practices, Paramount had to offer guarantees. David Ellison, who took over Paramount in the summer of 2025 from his production company Skydance, committed to keeping operations in California and increasing investment in the United States for film shoots by 300 million dollars (265 million euros). The agreement stipulates that the new company must release at least 30 films per year during its first two years of existence, then 32 films per year for the following three years. Additionally, Paramount must create a board tasked with ensuring the independence of the continuous news channels CNN and CBS News, though the board will be named by Paramount executives, who retain the right to dismiss its members. Some additional measures aim to appease the Writers Guild of America West, including a contribution to its health insurance. Legally, the merger is not yet finalized, as the California judge in charge of the case must still validate the transaction. The judge can also amend the concessions mentioned. According to The Atlantic, the most likely scenario is that the merger will indeed take place. David Ellison is emerging as the clear winner of this new chapter, though he faces challenges in repairing strained relations with Hollywood talents who opposed the merger. Mark Ruffalo and Bryan Cranston are among those who have expressed concerns. Financially, part of the cost of the operation is covered by a trio of sovereign funds from Saudi Arabia, Qatar, and the United Arab Emirates. However, the concessions mentioned have placed Paramount under significant pressure to be profitable. An anonymous internal source at Warner cited by Puck suggests that the merger could lead to thousands of layoffs. The journalist noted that many in the Hollywood world doubt Ellison's ability to lead even one of the studios, let alone both.