Paramount has reached a deal with 12 state attorneys general that removes a major obstacle to closing its acquisition of Warner Bros. Discovery, according to reports in Bloomberg and the Wall Street Journal.
\n\nThe deal comes just before the company was to begin accruing a $7 million daily “ticking fee” on Oct. 1, which was seen as an important milestone in the case.
\n\nThe merger was on hold pending the outcome of the states’ antitrust lawsuit, which was set for a trial on March 2, 2027. The $111 billion merger is the largest in Hollywood history.
\n\nCalifornia Attorney General Rob Bonta led the 12-state coalition, which sued to block the deal despite prior approval from the U.S. Department of Justice. Judge Araceli Martinez-Olguin granted a 28-day restraining order later that month, finding that the states had put forward a strong case that the deal would harm competition in the basic cable and theatrical markets.
\n\nParamount then agreed to pause the transaction until a trial on the merits, rather than fight a motion for a preliminary injunction. The states argued that the merger would lead to higher prices and fewer options for theaters and cable and satellite providers, who would in…
Original source: https://variety.com/v/tv/