Story perspectives

States and Trump Push Back on Warner-Paramount Merger

7/12/2026

Summary

Rayfield Pulls Request

Oregon Attorney General Dan Rayfield (D-OR) withdrew his request for Paramount documents on the Warner Bros. deal and asked a judge to delay closing by 60 days.
David Ellison and Larry Ellison, leaders, refused the request as “above the law.”
U.S. President Donald Trump warned Netflix would “pay the consequences” if it kept Susan Rice.
California, New York and the United Kingdom are reviewing actions to block the merger, which Hollywood groups oppose it.

Summary

EU Issues Ruling

The EU will issue its antitrust ruling on the Paramount-Warner Bros. merger by July 22 after concessions to Brussels regulators.
California Attorney General Rob Bonta opened a probe into the deal’s competition, with a lawsuit possible next week.
Actors and writers’ unions warn the merger could cause major job losses.
Analysts say the legal fight widens the price gap between Paramount Global (PSKY) and Warner Bros. Discovery (WBD) stocks.

Summary

Paramount Clears Merger

Paramount says the merger has been cleared in Australia, Austria, Canada, China, Kuwait, Saudi Arabia, Serbia, South Africa, Ukraine, Montenegro, New Zealand and North Macedonia.
The European Commission will decide by July 22 whether to clear the deal or launch a Phase 2 investigation following Paramount’s concessions.
If the deal does not close by Sept. 30, parties agree that Warner Bros. Discovery shareholders will receive a 25-cent-per-share ticking fee and Paramount will pay a $7 billion termination fee.

History

Historical Context

The 2000 AOL–Time Warner merger, brokered by Jerry Levin, was later called a “train wreck” and drew extensive antitrust scrutiny. When AT&T announced an $85.4 billion cash-and-stock purchase of Time Warner in October 2016, the DOJ sued in November 2017—the first vertical-merger challenge in almost four decades. The pending Paramount-Warner Bros. deal now faces the European Commission, California’s attorney general and unions, echoing those earlier battles.

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Rayfield Pulls Request

Oregon Attorney General Dan Rayfield (D-OR) withdrew his request for Paramount documents on the Warner Bros. deal and asked a judge to delay closing by 60 days.
David Ellison and Larry Ellison, leaders, refused the request as “above the law.”
U.S. President Donald Trump warned Netflix would “pay the consequences” if it kept Susan Rice.
California, New York and the United Kingdom are reviewing actions to block the merger, which Hollywood groups oppose it.

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