Senior officials in roughly 10 states are drafting an antitrust complaint to block Paramount Skydance’s (NASDAQ: PSKY) $110 billion acquisition of Warner Bros. Discovery (NASDAQ: WBD), with a potential filing as soon as this month.
State officials have been focused on how the combined company would affect its bargaining power over filmmakers and TV producers. They have met with both Paramount and deal opponents, and have sought sworn statements that could anchor a lawsuit.
California is leading the coalition, however no final decision has been made on whether to file or which states will join. Most of the attorneys general involved are Democrats, but at least two Republicans have signed on to the investigation.
The deal at hand would combine two of Hollywood’s five largest studios, the CBS and CNN television networks, the HBO Max and Paramount+ streaming services, and dozens of cable channels. Thousands of entertainment industry workers oppose it. Actors and directors including Ben Stiller and Glenn Close have warned it will produce job losses, higher production costs, and fewer choices for consumers.
The states are also moving without a federal partner. The Justice Department’s antitrust waiting period for the deal expired in February, and a federal challenge now appears unlikely. The DOJ has not moved against any merger since January 2025, with senior officials under the Trump administration arguing that settlements are generally more effective than protracted litigation.
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