Bonta calls ruling ‘critical first win’ in antitrust challenge
U.S. District Judge Araceli Martínez-Olguín on Monday granted a temporary restraining order that halts Paramount’s $111 billion acquisition of Warner Bros. Discovery, according to NPR. The ruling came in response to a major antitrust lawsuit filed by a dozen state attorneys general.
Paramount’s owners had planned to complete the purchase of Warner Bros. by the end of this week, NPR reported.
California Attorney General Rob Bonta, whose office leads the state coalition, said in a statement that the ruling marked a “critical first win in our case to ensure this megamerger never sees the light of day.”
The attorneys general allege Paramount’s purchase of Warner Bros. would reduce competition, hurting filmgoers, TV and news consumers, and “especially those who create the entertainment and other content they rely on,” according to the lawsuit.
The $111 billion deal would combine Paramount and Warner Bros. movie and television studios, streaming platforms Paramount+ and HBO Max, the nation’s most-watched broadcast outlet CBS, CNN and CBS News, and more than 50 cable channels under a single parent company, the lawsuit noted.
This is a developing story.