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Judge pauses Paramount’s Warner Bros. takeover

moviesJul 20, 20268836,809

California District Judge Araceli Martínez-Olguín on Monday granted a 14-day temporary restraining order pausing Paramount Skydance's proposed $110 billion acquisition of Warner Bros. Discovery after state attorneys general argued the deal raises antitrust concerns. The lawsuit, led by California Attorney General Rob Bonta and joined by Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington, contends the combination would violate the Clayton Antitrust Act and give the merged firm substantial share of the wide-release theatrical distribution market. Paramount told the court it was confident the states' market definitions and anticompetitive claims lacked basis and said the merger is lawful and pro-competitive. Martínez-Olguín wrote that the state coalition had presented compelling evidence about market concentration. Paramount had signaled it could close as early as July 22 and offered at a Friday hearing to delay closing until mid-August; the TRO preserves the status quo while the court considers the antitrust issues. The U.S. Department of Justice signed off on the deal in June, and the transaction is under review in the European Union and the U.K., which set a provisional deadline of July 22. The states could seek another temporary restraining order after 14 days or pursue a preliminary injunction that would further delay the closing.

Kyle Cheney
@kyledcheney.bsky.social

JUST IN: A federal judge has paused the Paramount/Warner Bros. merger, saying it likely violates antitrust laws. storage.courtlistener.com/recap/gov.us...

264214h ago
MeidasTouch
@meidastouch.com

BREAKING: A federal judge has temporarily blocked Paramount’s proposed $110 billion acquisition of Warner Bros. Discovery, granting a request from a coalition of 12 states led by California. The court will consider a longer injunction on Aug. 3.

203814h ago
More Perfect Union
@moreperfectunion.bsky.social

BREAKING: A judge has temporarily paused the Paramount-Warner Bros. merger. Twelve state attorneys general requested a restraining order barring Paramount Skydance from closing their deal. And a judge has granted the request for two weeks to review the mega-merger. www.nbcnews.com/business/med...

71414h ago
Alejandra Caraballo
@esqueer.net

Paramount Warner merger halted by federal judge. Even a delay of a few months could sink this merger. The financing based on Oracle stock as collateral is looking shaky as the stock price is down nearly 30% since this was proposed and -65% off ATH. www.washingtonpost.com/business/202...

56014h ago
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