Independent director panels will explore a deal between the two companies, with the CEO recused from both.

The mega-merger creates a studio giant, but antitrust watchdogs and rivals are already circling.

David Ellison's original production company name will brand the combined studio, a signal of who is really running the show.

David Ellison says the Paramount-WBD merger has full clearance after settling with state AGs, clearing the path for an October 1 close.

David Ellison's studio avoids a March trial and a $7M-a-day ticking fee by settling with state AGs over local job losses.

Trading starts June 12 at $135, but analysts are split over a $72-per-share “option premium” on orbital AI dreams.