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California AG Seeks 60-Day Delay of $110B Paramount-WBD Deal

7/10/2026

Summary

Rayfield Seeks Delay

Attorney General Dan Rayfield asked a court to delay Paramount's $110 billion Warner Bros. Discovery acquisition for 60 days to compel lobbying/Project Warrior docs.
The motion demands compliance within three days, and Paramount says the deal will not close before July 16 or EU deadline July 22.
The Antitrust Division cleared the merger, but California and New York AGs are considering lawsuits, and Paramount says the requests violate attorney-client privilege and First Amendment rights.

Summary

Paramount Merger

The firm would assume $80 billion in debt and face a 25-cent-per-share “ticking fee” of $650 million if the deal misses October deadline.
Industry stakeholders—including theater owners, Hollywood creatives, and UK culture minister Lisa Nandy—warn the merger could cut jobs, shrink releases, limit talent, and may trigger European scrutiny.
Paramount’s $6 billion cost cuts, delayed by an asset split, involve Larry Ellison—father of CEO David Ellison—who has ties to U.S. President Donald Trump.

History

Historical Context

In 2017 Disney secured U.S. DOJ and FTC approval to buy 21st Century Fox for $71.3 billion, obliging it to divest the 22 regional sports networks to satisfy antitrust rules. The merger, echoing earlier horizontal consolidations such as AT&T-Time Warner, reshaped Hollywood by reducing major studios from six to five and spurring global regulatory scrutiny of media concentration.

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Rayfield Seeks Delay

Attorney General Dan Rayfield asked a court to delay Paramount's $110 billion Warner Bros. Discovery acquisition for 60 days to compel lobbying/Project Warrior docs.
The motion demands compliance within three days, and Paramount says the deal will not close before July 16 or EU deadline July 22.
The Antitrust Division cleared the merger, but California and New York AGs are considering lawsuits, and Paramount says the requests violate attorney-client privilege and First Amendment rights.

1 / 3