Paramount Aims to Finalize Warner Bros. Discovery Merger Despite Legal Challenges
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- CNBC-AI
Paramount's lead trial counsel, Jeffrey Kessler, confirmed that the company intends to complete its acquisition of Warner Bros. Discovery by the end of September, despite a lawsuit filed by state attorneys general, led by California's Rob Bonta, seeking to block the deal due to antitrust concerns.
The lawsuit raises significant issues regarding competition in the film and pay TV sectors, with Kessler asserting that the merger is pro-competitive and necessary for Paramount to compete with major players like Netflix and Disney. The company has received approval from the U.S. Department of Justice and is currently awaiting regulatory clearance from the European Union, which has set a provisional deadline of July 22 for its review.
Looking ahead, Paramount is prepared to escalate the matter to the Supreme Court if necessary, as a prolonged delay could incur substantial costs due to a ticking fee of approximately $650 million per quarter. No further timeline was disclosed at the time of publication.
Original report
Paramount still plans to close WBD merger by end of September despite lawsuit
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