Warner Bros.-Paramount Skydance $110B Merger Faces Antitrust Lawsuit From States
A group of states plans legal action against the proposed merger. California’s attorney general said his office will decide soon. Shares of both companies fell after the news.
New York PostTwo sources familiar with the matter told Reuters on Friday. It was not immediately clear which states would sue. California Attorney General Rob Bonta told Reuters in an interview on Thursday that his office would be making a decision on potential action soon.
A spokesperson for Bonta’s office declined to comment on Friday. Shares of Warner Bros. 8 percent. Paramount shares were down 4 percent. The proposed transaction has faced pushback from actors, writers and others in Hollywood over its potential to eliminate jobs.
Paramount has denied the deal will decrease creative jobs, saying it will need to create more content after the transaction to attract streaming subscribers. Hollywood and Wall Street have been closely watching the high-stakes deal, which would bring together some of the entertainment industry’s most enduring franchises.
And Paramount fell on the news.
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