Paramount's agreement with 12 state attorneys general paves the way for the company to complete its $110 billion acquisition of Warner Bros. Discovery.

Inside the settlement talks between the media mogul David Ellison and the coalition of states seeking to block his $111 billion deal.

Opponents in the movie industry said the combined company would slash jobs in a Hollywood already under pressure and reduce the number of films produced every year, while news media groups feared CNN'...