David Ellison, the Chairman and CEO of Paramount Skydance, spoke on stage at the New York Upfront Partnership Event 2026 held at Storied NYC on April 22, 2026. The event highlighted significant developments concerning Warner Bros. Discovery’s takeover bid.

A coalition of 12 Democratic state attorneys general initiated a lawsuit challenging Paramount’s $111 billion acquisition plans, prompting the company to make certain concessions. This information was disclosed by a source familiar with the arrangement, who spoke anonymously because neither the company nor the attorneys general have publicly announced these details.

The agreement requires Paramount to manage Warner Bros. Studios and Paramount Pictures as separate entities. They must collectively release a minimum of 30 films each year. Failing to meet this criterion will result in a financial penalty for the company.

The deal also establishes a board designed to protect CNN’s newsroom decisions from corporate influence, a demand voiced by several attorneys general.

This article is based on a developing news story and updates will follow as more information becomes available.