Paramount, pushing to buy Warner Bros., girds for legal challenges

Key Points:

• Paramount has hired top antitrust attorney Jeffrey Kessler to defend its proposed $111-billion takeover of Warner Bros. Discovery amid potential legal challenges from California Attorney General Rob Bonta and other state attorneys general.
• Kessler, known for successfully leading state antitrust cases against major companies, may help Paramount counter government efforts to block the merger, which faces criticism over expected layoffs and market consolidation.
• The deal, which would combine major media assets including CNN, CBS News, and multiple streaming services, has drawn opposition from thousands of entertainment industry workers urging regulators to intervene.
• Paramount's legal strategy includes leveraging former Trump administration antitrust chief Makan Delrahim to navigate regulatory approvals, while state attorneys general take a more aggressive stance on antitrust enforcement.
• Meanwhile, Bonta is also challenging another major media merger, Nexstar’s $6.2-billion acquisition of Tegna, which has been temporarily halted by a federal judge pending trial, underscoring increasing scrutiny of large media consolidations.