Paramount, which faces a ticking fee of 25 cents per share (over $600 million per quarter) if the acquisition does not close by September 30
US District Judge Araceli Martinez-Olguin issued a 14-day temporary restraining order on Monday, blocking Paramount Skydance’s proposed $110 billion merger with Warner Bros. Discovery (WBD).
The decision sides with a coalition of 12 state attorneys general, led by California AG Rob Bonta, who filed a complaint alleging the deal reduces competition across film and cable distribution.
The court has scheduled a hearing for August 3 to consider whether to issue a preliminary injunction.
Paramount, which faces a ticking fee of 25 cents per share (over $600 million per quarter) if the acquisition does not close by September 30, strongly pushed back against the claims.