派拉蒙与加州等12州达成和解 扫清1100亿美元收购华纳兄弟障碍Paramount Settles with California and 11 States over $110B Warner Bros. Deal

加利福尼亚州总检察长办公室联合其他11个州于9月21日正式公布了与派拉蒙达成的和解协议，结束了针对这桩价值1100亿美元收购案的司法挑战。参与该案的12个州全部由民主党官员主导，除了领衔的加利福尼亚州外，还包括纽约州、马萨诸塞州、康涅狄格州、明尼苏达州、新泽西州、华盛顿州、俄勒冈州、科罗拉多州、亚利桑那州、内华达州和新墨西哥州。

The California Attorney General's Office and 11 other states officially announced a settlement with Paramount on September 21, resolving legal challenges against the $110 billion acquisition of Warner Bros. Discovery. The 12 plaintiff states, all led by Democrats, included California at the helm alongside New York, Massachusetts, Connecticut, Minnesota, New Jersey, Washington, Oregon, Colorado, Arizona, Nevada, and New Mexico.

知情人士透露，在诉讼推进过程中，马萨诸塞州、纽约州、康涅狄格州与明尼苏达州等四个州曾一度坚持推进反垄断诉讼，但最终认定若失去加州带头支持，单独承担高昂诉讼成本继续抗辩并不划算，因而选择共同签署和解。这项和解方案的达成，不仅消除了阻碍大卫·埃里森完成全美最大传媒并购交易的关键法律壁垒，也为合并后的实体统一整合制片厂、有线电视及流媒体网络铺平了道路。

During the litigation, four participating states—Massachusetts, New York, Connecticut, and Minnesota—had held out before concluding that continuing a protracted antitrust battle without California would not justify the mounting legal costs. Their accession cleared the decisive state-level barrier confronting the mega-merger. By concluding the multi-state litigation, Paramount chief executive David Ellison secured the legal clearance required to finalize the combination and establish unified control over the consolidated film, television, and cable broadcasting assets across the country.

根据加利福尼亚州总检察长罗布·邦塔公布的和解协议细节，合并后的电影制片厂必须在交易生效后的前两年内每年制作30部电影，并在随后的三年内将年度电影产量提高至每年32部。条款明确要求，这些电影中至少要有4部属于独立制片项目，且至少20%必须属于大制作商业电影；若派拉蒙未能达到相关生产指标，将面临相应的财务罚款。

Under the settlement terms outlined by California Attorney General Rob Bonta, the merged studio must produce 30 movies in each of the first two years of the transaction, followed by 32 movies annually in each of the subsequent three years. The agreement mandates that at least four of those titles must be independent productions and at least 20 percent must qualify as big-budget blockbusters, with explicit financial penalties stipulated if Paramount fails to meet the required production targets.

法院联合备案文件显示，派拉蒙与华纳兄弟在全美电影制作上的年度总支出，必须比2025年的水平增加至少3亿美元。合并后的实体还被要求完整保留两家公司的制片厂基地、严格履行现有劳工协议，并为影视行业劳动力培训提供专项资金支持。此外，协议设立了新闻编辑独立委员会以制定编辑原则并保障CNN等旗下新闻频道的运营独立性，整体执行将由内部监督员、独立受托人、五州委员会及法院共同监督。

A joint court filing detailed that the deal requires at least $300 million more in annual domestic film production spending by Paramount and Warner Bros. compared to 2025 baseline levels. The combined company must also preserve the physical studio production lots of both entities, honor existing union and labor agreements, and allocate capital toward workforce training programs. Additionally, the agreement creates a dedicated News Editorial Independence Board to establish editorial standards for television news networks including CNN, with compliance oversight assigned to an internal monitor, an independent trustee, a five-state committee, and the supervising court.

在12个州发起诉讼前，特朗普政府已于2026年6月批准了该笔交易，且未要求对业务运营做出调整。随后各州检察长提起反垄断诉讼，指出两家公司合并后将控制全美约27%的影院宽画幅发行市场以及相近份额的基础有线电视频道，可能大幅削减就业并压低电影产量。此外，埃里森家族与特朗普政府关系密切，新闻媒体团体此前亦对CNN等媒体机构的独立性表达了担忧，而该和解消息公布数天前，特朗普政府刚限制了CNN等多家媒体进入白宫。

Prior to the multi-state lawsuit, the Trump administration approved the transaction in June 2026 without requiring operational modifications. State attorneys general subsequently filed suit to block the merger, alleging that the combined company would command roughly 27 percent of wide-release theatrical distribution and a comparable share of the basic cable channel sector, raising industry concerns about job cuts and reduced film output. News organizations also raised alarms over the editorial independence of CNN given the Ellison family's ties to the Trump administration, with the settlement arriving days after the White House barred CNN and other outlets from briefings.

该项交易的巨额融资架构与谈判期间的商业施压也受到关注。报道显示，该笔并购包含来自沙特阿拉伯、卡塔尔和阿布扎比主权财富基金约240亿美元的股权投资，大卫·埃里森的父亲、甲骨文创始人拉里·埃里森亦提供了资金与担保。在多州诉讼胶着之际，派拉蒙曾向加州总检察长罗布·邦塔施压，威胁称若不通过谈判达成和解以结束诉讼，公司将搬离加利福尼亚州。

The financial structure of the acquisition and Paramount's hardline negotiating tactics also factored prominently in the dispute. The transaction reportedly incorporated approximately $24 billion in equity financing from sovereign wealth funds in Saudi Arabia, Qatar, and Abu Dhabi, alongside capital and financial guarantees provided by David Ellison's father, Oracle founder Larry Ellison. During the standoff, Paramount applied direct economic pressure on California Attorney General Rob Bonta, threatening to relocate its operations outside the state if officials refused to negotiate an end to the litigation.

加利福尼亚州总检察长罗布·邦塔在通报和解方案时向媒体表示，保护就业是其处理该案的核心出发点，同时承认达成和解的决定可能令许多人感到失望。邦塔指出，总检察长的职责在于审查事实与法律，权衡摆在面前的各种选项，并为加州民众做出最佳决断。尽管各州官员将协议视为具有约束力的妥协成果，但部分批评人士认为加州在允许派拉蒙收购华纳兄弟的交易中获取的让步过少。

California Attorney General Rob Bonta addressed reporters regarding the resolution, stating that protecting jobs served as a principal consideration in his oversight of the case while acknowledging that many observers might express disappointment with the settlement. Bonta remarked that his responsibility as attorney general required reviewing the facts and applicable law, weighing available alternatives, and making determinations in the interest of California residents. Although state officials framed the terms as enforceable commitments, critics contended that California secured insufficient concessions before allowing Paramount to acquire Warner Bros. Discovery.

随着该项交易清除主要司法障碍，大卫·埃里森正式掌舵涵盖电影制片、有线电视网络与流媒体服务的好莱坞庞大传媒实体。媒体分析指出，将派拉蒙与华纳兄弟探索公司的资产置于单一架构之下，确立了埃里森在娱乐产业的巨大影响力，但合并后的庞大机构在整合资产、履行产量与投资约束的同时，依然面临诸多实际运营挑战。

Following the removal of key legal obstacles, David Ellison assumes leadership over a consolidated Hollywood enterprise spanning theatrical film production, cable television broadcasting, and streaming platforms. Industry analysts noted that uniting Paramount and Warner Bros. assets under unified leadership places Ellison in command of unprecedented influence across the entertainment sector, though the merged operation must navigate remaining operational challenges while executing mandated output quotas, production expenditures, and structural commitments.