Paramount, California AG Push to Settle Merger Suit
Paramount, California AG Push to Settle Merger Suit
The News
Paramount Skydance and California Attorney General Rob Bonta are in advanced talks to settle the antitrust suit blocking Paramount's takeover of Warner Bros. Discovery, according to reports Friday citing anonymous sources.
The Wall Street Journal first reported the negotiations, the New York Post said. Reuters reported that independent content monitoring of CNN and a commitment on the number of theatrical film releases are among the terms under discussion between Paramount and the states.
The New York Post reported that Bonta's suit seeks to block the $81 billion deal.
The Numbers
Twelve states, plus the Writers Guild of America, are parties to the antitrust suit. Paramount asked the states for a $1.88 billion bond; Bonta rejected it. Penalties of $7 million per day begin October 1 if the deal remains unclosed.
Timeline
The Wall Street Journal reports that Paramount and Bonta are in advanced settlement talks, according to the New York Post.
Reuters reports that independent monitoring of CNN's content and a commitment on theatrical releases are among the terms being discussed by Paramount and the states.
A hearing on the bond motion is scheduled.
Penalties of $7 million a day kick in if the transaction has not closed.
Trial date if the talks collapse.
Reactions
Bonta has previously said a temporary agreement to keep the Paramount and Warner Bros. Discovery studios operating separately does not satisfy his antitrust concerns. That remains the core split between the two sides.
California Democratic officials, including Gov. Gavin Newsom and Los Angeles Mayor Karen Bass, have publicly urged Bonta to settle.
Paramount's David Ellison has floated moving company operations to Tennessee, Texas or Georgia.
What's Next
Paramount, Bonta's office and the Writers Guild have announced two days of structured talks aimed at a resolution next month.
The bond motion hearing is set for September 24, and the daily penalties start October 1. If no settlement is reached, the case goes to trial in March 2027.
More
The Federal Communications Commission approved allowing 49.5% of Paramount's equity to be held by foreign entities if the Warner Bros. Discovery deal closes.
The lawsuit is the central obstacle to a transaction that would combine two of the largest media companies in the country.
Poll
Should California settle and let the Paramount–Warner Bros. Discovery deal close?
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