Paramount Skydance’s planned takeover of Warner Bros. Discovery hit a snag on Monday when a judge granted a temporary restraining order on the merger.
Paramount CEO David Ellison is seeking to acquire WBD in a $111 billion deal that was expected to close during the third quarter of this year, but California Attorney General Rob Bonta is leading a group of 12 state attorneys general who filed a lawsuit challenging the merger. The lawsuit claims the megadeal would "lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the U.S."
After a Friday hearing, California District Judge Araceli Martínez-Olguín approved the temporary restraining order, putting a 14-day pause on the merger and blocking closure of the transaction.
Read Full Article Here
