Paramount-WBD Merger Delayed Until at Least Mid-2027 as Antitrust Cases Move Toward Trial

Дата публикации: 24-07-2026 20:42:44

Paramount Skydance’s proposed $110 billion acquisition of Warner Bros. Discovery has been delayed until at least June 1, 2027, after the companies agreed to postpone closing the transaction while they defend themselves against antitrust lawsuits brought by a coalition of state attorneys general and the Writers Guild of America. The delay comes at a high … Continue reading "Paramount-WBD Merger Delayed Until at Least Mid-2027 as Antitrust Cases Move Toward Trial"
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Erik Gruenwedel

July 24, 2026

Paramount Skydance’s proposed $110 billion acquisition of Warner Bros. Discovery has been delayed until at least June 1, 2027, after the companies agreed to postpone closing the transaction while they defend themselves against antitrust lawsuits brought by a coalition of state attorneys general and the Writers Guild of America.

The delay comes at a high cost, as Paramount had been under pressure to close the acquisition by Sept. 30. After that, the studio is subject to a $7 million “ticking fee” to WBD shareholders. Assuming the deal does close on June 1, that means Paramount would be liable for an additional $1.7 billion on top of the original purchase price of $110 billion.

The unexpected agreement was outlined in a joint court filing submitted Friday in the U.S. District Court for the Northern District of California. In the filing, Paramount and Warner Bros. Discovery agreed not to close, consummate or otherwise complete the merger—or take any steps to integrate their operations—until the earlier of five days after the court issues a decision on the merits of the cases or June 1, 2027. The agreement is subject to approval by U.S. District Judge Araceli Martínez-Olguín.

The new agreement scuttles Paramount’s original plan to complete the merger by the end of September and follows discussions between attorneys representing the companies, the states and the Writers Guild. As part of the agreement, the previously scheduled Aug. 3 preliminary injunction hearing has been canceled, the Writers Guild has withdrawn its preliminary injunction motion, and the parties will instead move toward a full trial on the merits. They are expected to submit a joint proposal for a trial schedule by July 31.

The merger would create one of the world’s largest media and entertainment companies, combining Paramount Pictures and Warner Bros. Pictures, the Paramount+ and HBO Max streaming services, and CBS News and CNN under the leadership of Paramount Skydance CEO David Ellison.

The lawsuits seeking to block the transaction were filed earlier this month by 12 Democratic state attorneys general, led by California Attorney General Rob Bonta, and separately by the Writers Guild of America. The states argue the merger violates Section 7 of the Clayton Antitrust Act by substantially reducing competition in wide-release theatrical film distribution, the distribution of anticipated blockbuster films, and the licensing of basic cable channels to distributors.

“The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the U.S.,” Bonta said when the lawsuit was filed.

Paramount has vigorously disputed those claims, calling the lawsuits “wrong on both the facts and the law” and arguing they represent “one of the weakest merger challenges in modern antitrust history.”

Following Friday’s filing, a Paramount spokesperson characterized the delay as a favorable development.

“Today’s agreement is a significant win because the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” the spokesperson said. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached. Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny. We look forward to proving our case at trial.”

Investors reacted negatively to the news, with shares of both Paramount and Warner Bros. Discovery falling following the announcement.

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