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California, Other States Sue To Block Paramount-Warner Bros. Merger

United States District Court for the Northern District of California

A coalition of 12 state attorneys general, led by California's Rob Bonta, filed an antitrust lawsuit Monday in federal court seeking to block Paramount's roughly $110 billion acquisition of Warner Bros. Discovery, despite the deal having received Justice Department clearance in June.

A coalition of 12 state attorneys general, led by California's Rob Bonta, filed an antitrust lawsuit Monday in federal court seeking to block Paramount's roughly $110 billion acquisition of Warner Bros. Discovery, despite the deal having received Justice Department clearance in June.

The lawsuit alleges the merger violates the Clayton Act by reducing competition in three markets: wide-release theatrical film distribution, anticipated blockbuster film distribution and basic cable channel licensing. The states claim the combined company would control about 27% of wide-release films and 30% of blockbuster releases.

The lawsuit alleges the merger violates the Clayton Act by reducing competition in three markets: wide-release theatrical film distribution, anticipated blockbuster film distribution and basic cable channel licensing. The states claim the combined company would control about 27% of wide-release films and 30% of blockbuster releases.

Paramount faces a financial penalty of roughly $650 million per quarter — approximately $6.9 million per day — if the merger does not close by Sept. 30. The company would also owe a $7 billion termination fee if the deal collapses entirely due to regulatory obstacles.

Paramount faces a financial penalty of roughly $650 million per quarter — approximately $6.9 million per day — if the merger does not close by Sept. 30. The company would also owe a $7 billion termination fee if the deal collapses entirely due to regulatory obstacles.

Paramount said the lawsuit "reflects a fundamentally flawed application of the antitrust laws" and argued the merger would create a stronger competitor against streaming platforms such as Netflix. Theater trade group Cinema United backed the states, warning that studio consolidation would have lasting effects on local movie theaters nationwide.

Paramount said the lawsuit "reflects a fundamentally flawed application of the antitrust laws" and argued the merger would create a stronger competitor against streaming platforms such as Netflix. Theater trade group Cinema United backed the states, warning that studio consolidation would have lasting effects on local movie theaters nationwide.

Regulators in more than a dozen countries, including China, Canada and Australia, have approved the merger. Pending reviews include those by the European Commission, the U.K. Competition and Markets Authority and the U.S. Federal Communications Commission.

Regulators in more than a dozen countries, including China, Canada and Australia, have approved the merger. Pending reviews include those by the European Commission, the U.K. Competition and Markets Authority and the U.S. Federal Communications Commission.

Advisers to Paramount CEO David Ellison reportedly encouraged him to consider relocating the company's headquarters and redirecting roughly $30 billion in planned annual spending outside California if the state sued to block the deal. Ellison is said to remain reluctant to leave the state, where he relocated Paramount's headquarters after acquiring the company.

Advisers to Paramount CEO David Ellison reportedly encouraged him to consider relocating the company's headquarters and redirecting roughly $30 billion in planned annual spending outside California if the state sued to block the deal. Ellison is said to remain reluctant to leave the state, where he relocated Paramount's headquarters after acquiring the company.

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States Sue Paramount Over $111B Warner Bros Merger

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States Sue Paramount Over $111B Warner Bros Merger

States Sue Paramount Over $111B Warner Bros Merger

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