Judge delays ruling on Paramount Warner Bros. merger until July 22
Fox Business • • entertainment
Key Points:
- A judge declined to issue an immediate ruling on California’s request for a temporary restraining order to block Paramount’s $111 billion planned acquisition of Warner Bros. Discovery (WBD), promising a decision by July 22.
- California Attorney General Rob Bonta, leading 12 state AGs, filed a lawsuit alleging the merger would reduce competition, increase prices, and harm content quality, violating Section 7 of the Clayton Act.
- Paramount argues the merger would enhance competition in the media industry and opposes the lawsuit, warning that delays could harm entertainment workers and increase costly merger-related fees.
- The U.S. Department of Justice recently closed its antitrust investigation into the deal, concluding it is unlikely to harm competition, though state attorneys general maintain independent enforcement authority.
- Paramount CEO David Ellison, who gained control of Paramount last year, aims to complete the merger quickly to strengthen the company’s position against competitors like Netflix, despite strong opposition from California officials.
