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Paramount agrees to delay closing its Warner Bros buyout while judge considers challenge
The Paramount logo is displayed at Columbia Square along Sunset Boulevard in Hollywood, Calif. on March 9, 2023.
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Patrick T. Fallon
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AFP via Getty Images
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NEW YORK (AP) — Skydance-owned Paramount on Friday agreed to delay closing its $81 billion buyout of Warner Bros. Discovery well into next year, as a judge continues to consider a challenge from 12 states seeking to block the deal altogether.
In a court filing, Paramount said it wouldn’t close the merger until five days “after the merits determination in these matters” or June 1, 2027. The move arrives just days after U.S. District Judge Araceli Martínez-Olguín granted a temporary restraining order requested by the states to freeze the transaction for several weeks.
Twelve states, led by California, sued to block Paramount’s pending buyout of Warner last month — alleging that such a combination would “extinguish competition” in Hollywood and lead to fewer choices for consumers, particularly moviegoers and cable customers. Paramount has called the states’ claims meritless and vowed to “vigorously defend” its merger.
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