Oregon Attorney General Seeks Delay Of Paramount's Close Of WBD Deal

Key Points:

• Oregon Attorney General Dan Rayfield has requested a 60-day delay in Paramount's closing of its acquisition of Warner Bros. Discovery and is seeking documents related to the merger, including lobbying efforts tied to the deal, ahead of a court hearing scheduled for Monday.
• Paramount is awaiting regulatory approval from European authorities, with the company stating it will not close the deal before the EU's July 22 deadline; meanwhile, UK Culture Secretary Lisa Nandy is considering intervention, and the U.S. DOJ's Antitrust Division has already approved the transaction.
• Rayfield is investigating whether Paramount influenced the DOJ's unusual public statement supporting the merger, which typically challenges such deals, and is concerned about potential undisclosed lobbying strategies codenamed "Project Warrior."
• Paramount opposes the document requests, arguing they are burdensome, marginally relevant to Oregon's antitrust inquiry, and infringe on attorney-client privilege and First Amendment rights, maintaining that lobbying communications are irrelevant to the legality of the acquisition.
• Other state attorneys general, including California's Rob Bonta, are reportedly contemplating legal challenges to the transaction, highlighting growing scrutiny at multiple government levels.