Paramount Skydance's $110 bn Bid for Warner Bros. Discovery Blocked by US State Attorneys General

Attorneys general in several U.S. states, including California Attorney General Rob Bonta, are preparing a lawsuit to stop the proposed acquisition of Warner Bros. Discovery by Paramount Skydance. The deal, valued at about $110 billion, would see Paramount purchase WBD shares at $31 each.

After the news, Warner Bros. Discovery’s shares fell 1.8% and Paramount’s fell 4%. The companies aim to close the transaction by July 15, though a public deadline of September 30 has also been cited. If the merger is delayed, WBD shareholders are entitled to an additional $0.25 per share for each quarter of delay.

The merger has drawn opposition from Hollywood creators who fear large job losses and reduced film‑and‑TV production, as well as concerns about excessive consolidation in the streaming and production markets. Political worries have also been raised about the potential acquisition of CNN by a firm linked to the Trump‑aligned Ellison family. Among the assets to be transferred is the Polish television channel TVN. The transaction is under review by the U.S. Justice Department’s antitrust division, the U.K. Competition and Markets Authority, and European regulators.