Paramount agrees to freeze Warner Bros merger amid lawsuit by 12 U.S. states
Paramount Skydance has agreed to pause its proposed $110 billion merger with Warner Bros. Discovery after 12 U.S. states filed a major antitrust lawsuit seeking to block the deal, which could last until June 2027.
The lawsuit, filed in Oakland federal court in California, puts the acquisition on hold as the states argue that combining Paramount and Warner Bros. Discovery could reduce competition across the entertainment industry by giving the company high market power while raising prices for consumers in film, television and streaming.
New York Attorney General Letitia James described the move to pause the deal as a step to “uphold the law and protect the film and television industries.”
David Ellison, chief executive of Paramount Skydance, said last week that the firm agreed to pause the transaction while the case proceeds.
The delay could cost the company as much as $1.7 billion in additional payments to Warner Bros. Discovery shareholders if the deal is not completed by September 30.
The company still maintains that the merger will strengthen competition among global giants and looks forward to proving its case in court, with legal teams pushing for a proposed trial schedule by July 31.
If completed, the merger would become one of the world’s largest media and entertainment companies, combining highly recognisable film and television networks such as HBO, HBO Max, CNN, among others.
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