UPDATED with news conference over: California Attorney General Rob Bonta has just wrapped a news conference where he revealed details of the settlement agreement between Paramount and 12 state attorneys general over the pending $111 billion merger with Warner Bros. Discovery.Bonta has just arrived and the newser is underway.

Under the agreement, Bonta announced that Paramount is legally required to distribute at least 30 movies in theaters annually and will face a financial penalty if it fails to do so.

The company also committed to spending an additional $1.5 billion on film production over the next five years, with a guaranteed increase in the proportion of movies produced within the U.S., specifically benefiting Hollywood, according to Bonta.

Additionally, Paramount agreed to establish an independent board of journalists to oversee the newsrooms of CNN and CBS News to preserve editorial integrity and prevent consolidated corporate bias, Bonta said.

The road to a resolution has been fraught. Bonta abruptly canceled a negotiation session with Paramount in late August after potential deal terms leaked. Talks restarted but tensions mounted over the nearing October 1 deadline for a $7 million a day ticking fee to WBD shareholders as the merger remained on hold.

Tensions rose as Paramount CEO David Ellison threatened to move Paramount out of California if the state didn’t ditch its effort to block the pending merger.

Four of the 12 attorneys general that took the David Ellison-run company to federal court recently broke with the Bonta-led faction that wanted to put the dispute to rest, at least for the time being. Along with the Golden State, the blue state coalition that sued Paramount and WBD back on July 13 is made up of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington.

Paramount and Warner Bros. Discovery announced in February a formal agreement to merge. It came after WBD jilted Netflix, saying it received a Superior Proposal from the David Ellison company.

The Paramount-WBD suit was set for trial in March.