California's top officials cleared the way for a Paramount-Warner Brothers merger that looks set to gut film and TV jobs, a bad outcome for workers and a win for the Ellison family.

• A judge has paused the deal, cancelling a hearing and holding off on approving the settlement while questions remain.
• California AG Rob Bonta demanded the companies sell off assets, then settled for none after the Ellisons threatened to pull filming out of Los Angeles.
• The concessions are thinner than they sound: the "independent" board overseeing CNN would be picked by the Ellisons, and there is no binding promise to keep headquarters in California.
• The combined company would carry roughly $80 billion in debt and junk-rated credit, making mass layoffs and later asset sales likely.
• Crew and craft workers in Atlanta and Los Angeles have already been through repeated mergers, each one shedding thousands of jobs.

Outlook: The judge could still force changes, but the merger is expected to clear eventually, with layoffs and piecemeal selloffs to follow.