California has abandoned its lawsuit to block the $81 billion Paramount–Warner Brothers merger, a win for David Ellison and a loss for anyone worried about media consolidation.

• California's attorney general Rob Bonta settled after Gavin Newsom pushed him to back off, fearing Paramount would move to Tennessee and take jobs with it.
• The deal hands Ellison control of CBS, CNN, HBO Max and much of the rest of American entertainment.
• The "concessions" are thin: the promised 30 films a year is fewer than the two companies made separately last year, and only half have to actually be produced by the merged company.
• The board meant to protect CNN's newsroom independence would be picked by the merged company's own directors.
• Sovereign wealth funds from Saudi Arabia, Qatar and the UAE were cleared in September to take a 49.5% nonvoting stake in the combined company.

Outlook: Paramount expects to close the deal within two weeks, with the Writers Guild also dropping its suit after saying it could not afford to keep fighting.