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Paramount CEO David Ellison said Tuesday that the legal battle over his proposed multibillion-dollar takeover of Warner Bros.Ellison's Paramount Skydance agreed late last month to delay its $110 billion merger with Warner Bros.
David Ellison insists his blockbuster media merger is still on track, but a legal standoff with a coalition of state attorneys general is about to flip an abstract delay into a very concrete and very expensive problem.
Paramount Skydance has agreed to a deal that could stretch completion of its merger to June 2027. The companies are stuck in limbo until then, given that WBD agreed in principle for the deal.
Warner Bros. Discovery stock Monday hit its lowest point since the company’s merger with Paramount Skydance was reached in February as Wall Street appears to be putting little more than a 50% chance that the deal will get done. Warner Bros. stock dropped 1.8% Monday to $25.28, ending about 18% below the $31-a-share cash offer from Paramount, whose stock also declined Monday. Warner Bros. stock had been trading around $27 in June.
Morningstar analyst views potential $2 billion costs as manageable.
Paramount Skydance has formally agreed to delay its acquisition of Warner Bros. Discovery until at least June 2027.
Paramount Skydance on Friday said it would delay the deal until as late as June 2027.
Paramount Skydance agreed on Friday to delay its $110 billion merger with Warner Bros.Paramount agreed to delay the deal through June 2027, the company said in a court filing on Friday.
Paramount Skydance agreed to postpone closing its merger with Warner Bros. Discovery until five days after a state antitrust case opposing the deal is resolved or until June 2027, when its merger agreement expires.
Paramount Skydance has agreed to freeze its merger with rival entertainment conglomerate Warner Bros.
The ruling comes after a coalition of 12 states sued to block the deal, arguing it would harm consumers and the entertainment industry.
Last week, a coalition of 12 attorneys general filed a lawsuit that challenges the $110 billion acquisition, arguing that the deal.
A 14-day restraining order halts a deal that would combine two of Hollywood's five major film studios and cable programmers
By Jody Godoy and Dawn Chmielewski July 20 (Reuters) - A coalition of states led by California won a pause of Paramount's $110 billion acquisition of Warner Bros.
A coalition of 12 U. S. states has launched an antitrust challenge against the proposed $110 billion merger between Paramount Skydance and Warner Bros.
New lawsuit joins states' challenge, raising uncertainty around the proposed media merger's closing timeline.
A 12-state antitrust lawsuit threatens to delay Paramount Skydance's $110 billion merger with Warner Bros. Discovery, exposing both companies' weak balance sheets to costly penalty deadlines.
Paramount’s merger with Warner Bros. faces antitrust lawsuits, putting $30B in investment and 100M SF in limbo.
Led by California, the states argue the deal is anticompetitive, would harm theaters and lead to price increases for TV bundles.
Twelve US states have sued to block Paramount from acquiring Warner Bros. Discovery in a $110bn deal. The states argued cinemas and moviegoers could face higher prices if the merger goes ahead, as Paramount and Warner Bros. currently compete for the best release dates and screens at thousands of cinemas across the US. The lawsuit represents a significant obstacle for the deal, which is seen as one of the biggest media mergers in history.
The multi-state coalition described the merger as creating a 'media behemoth' and 'likely to substantially harm competition.'
The merger "would extinguish competition between Paramount and Warner Bros. and inflict substantial harm on movie theatres, basic cable distributors, and, ultimately, audiences nationwide," 12 state attorneys general allege in a complaint filed Monday.
(Updates with Paramount Skydance's statement in the fourth and fifth paragraphs.) Paramount Skyda
Investing.com -- California Attorney General Rob Bonta on Monday led a coalition of 12 state attorneys general in filing a lawsuit to block Paramount Skydance's proposed $110 billion acquisition of Warner Bros. Discovery, arguing the deal would unlawfully reduce competition across the U.S. film and television industry.
Closing Timeline Extended Pending Regulatory ReviewParamount (NASDAQ:PSKY) has confirmed that it will not complete its proposed $110 billion acquisition of Warner Bros (NASDAQ:WBD) before 22 July, extending the expected closing timeline by at least another week as Oregon authorities continue reviewing the transaction. The announcement follows action by the Oregon Attorney General’s office, which disclosed the revised timetable on Wednesday.
The British government said on Tuesday that it is likely to challenge Paramount Skydance’s takeover of Warner Bros. Discovery, potentially complicating the finalization of the $110 billion merger.
(Updates with quotes from Secretary Lisa Nandy and Paramount throughout the story.) Paramount Sky
Comcast (CMCSA) said Monday it plans to split into two publicly traded companies, separating its NBC
Paramount Skydance (PSKY) is prepared to sell its film distribution joint venture with Universal Pic
The stock is down 10.5% this month, after closing May 8% lower.
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