US Stock Market Move | Paramount Skydance may clear acquisition hurdles; Warner Bros. Discovery (WBD.US) rises over 10%.

On Monday, Warner Bros. Discovery (WBD.US) opened higher and continued to climb, rising more than 10% as of press time, with a market capitalization of approximately $77 billion. On the news front, according to people familiar with the matter, Paramount Skydance has reached a settlement with California and other states that had sought to block its acquisition of Warner Bros. Discovery, clearing a major obstacle for the $110 billion deal. The settlement agreement is expected to be officially announced later on Monday local time. If the settlement is ultimately finalized, it will eliminate one of the main legal hurdles facing the transaction. Massachusetts, New York, Connecticut, and Minnesota, which had previously objected to the settlement terms drafted with California, ultimately made concessions. These states had been the main holdouts in the potential settlement. However, people familiar with the matter said that with California no longer leading the litigation, the other states ultimately concluded that there was insufficient justification to continue bearing the high litigation costs.