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Judge Blocks $110B Paramount-Warner Deal, 12 States Sue

7/22/2026

29 3 Full Breakdown

Summary

Story summary

Judge Araceli Martínez-Olguín issued a restraining order stopping Paramount Skydance’s $110 billion Warner Bros. Discovery takeover, with a hearing on Aug. 3.
Twelve states, led by California AG Rob Bonta, sued claiming the merger would control 27% of theatrical films, 30% of blockbusters, and 34% of cable viewership.
If the deal stalls September, Paramount faces $7 million a day in fees and sees its shares fall 2% while Warner Bros. falls 3.8%.

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Story summary

Judge Araceli Martínez-Olguín issued a restraining order stopping Paramount Skydance’s $110 billion Warner Bros. Discovery takeover, with a hearing on Aug. 3.
Twelve states, led by California AG Rob Bonta, sued claiming the merger would control 27% of theatrical films, 30% of blockbusters, and 34% of cable viewership.
If the deal stalls September, Paramount faces $7 million a day in fees and sees its shares fall 2% while Warner Bros. falls 3.8%.