Paramount Skydance is hitting pause on its $110 billion bid to join forces with Warner Bros. Discovery, agreeing not to close the deal until at least June 1, 2027, while a federal judge considers an antitrust challenge from a group of Democratic state attorneys general. The move, disclosed in a Friday court filing, extends a shorter halt ordered this week by Judge Araceli Martínez-Olguín in the Northern District of California. The companies can proceed sooner only if the judge rules on the lawsuit before that date, NBC News reports.
The merger would fuse two legacy studios (Paramount Pictures and Warner Bros. Pictures), major streamers (Paramount+ and HBO Max), and news outlets (CBS News and CNN) into one media heavyweight. California Attorney General Rob Bonta and counterparts from 10 other states argue the combined entity would crush competition in theatrical distribution, top-grossing films, and basic cable channel deals, violating federal antitrust law and ultimately raising prices and shrinking choice for viewers. Paramount calls the case "one of the weakest merger challenges in modern antitrust history" and says the extended pause is a win because it clears the way for a fast trial it believes will vindicate the deal. The companies already have Justice Department and several foreign approvals.
The two sides had been negotiating. A Paramount spokesperson welcomed Friday's decision to hold up, per Variety, saying, "Today's agreement is a significant win because the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence." New York Attorney General Letitia James, who is among those suing to block the merger, called the agreement a "critical victory," per the AP.
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