Paramount Seeks $1.88 Billion Bond from States Challenging Warner Bros. Discovery Merger

Paramount Skydance filed a motion in U.S. District Court in Oakland asking the judge to require the coalition of 12 state attorneys general and the Writers Guild of America to post a bond of roughly $1.88 billion. The bond would cover “ticking fees” and other costs while the $110 billion acquisition of Warner Bros. Discovery remains on hold. A trial on the antitrust claims is scheduled for March 2–19, 2027.

Business Insider

The merger cleared DOJ and competition authorities in 68 jurisdictions, but the states allege it would substantially lessen competition in film distribution, television programming, and basic-cable markets. Under the agreement, Paramount must pay Warner Bros. Discovery shareholders a “ticking fee” of $7 million per day if the deal does not close by September 30.

Variety Magazine

• Ticking fee: $7 million per day (? $650 million per quarter).

Paramount Seeks a $1.88 Billion Bond From Twelve States

• Projected fees by trial: $1.3 billion (Paramount estimate).

Paramount Seeks a $1.88 Billion Bond From Twelve States

• Projected fees by June 1, 2027: $1.7 billion plus $190 million financing costs.

Paramount Seeks a $1.88 Billion Bond From Twelve States

• Bond amount requested: $1.88 billion (rounded to $1.9 billion by some outlets).

Business Insider

• Regulatory deadline: DOJ clearance expires February 19.

Paramount Demands $1.88 Billion Bond From State Attorneys General Over Warner Bros. Discovery Merger Delay — BigGo Finance

• Closing deadline: June 4 (break-up fee of $7 billion if missed).

Seattle Times

Paramount argues that federal law requires plaintiffs seeking a preliminary injunction to post security for potential harm and says it has satisfied all closing conditions after obtaining approvals in 68 jurisdictions.

Paramount Seeks $1.88 Billion Bond From States Challenging Warner Bros. Merger

California Attorney General Rob Bonta’s office counters that Paramount voluntarily agreed to the ticking-fee provision and characterizes the bond request as a “do-over,” accusing Paramount of “blackmail” to force the states to back down.

Washington Examiner

Judge Araceli Martínez-Olguín previously waived a bond requirement in July, noting the states were pursuing “important public interests.” She has not yet ruled on the new motion.

Paramount Seeks $1.88 Billion Bond From States Challenging Warner Bros. Merger

Bonta’s office maintains that the merger would reduce competition in theatrical and basic-cable markets and that the states’ lawsuit is an enforcement action, not a commercial dispute.

Paramount Demands $1.88 Billion Bond From State Attorneys General Over Warner Bros. Discovery Merger Delay — BigGo Finance

• Bond amount: Lawcommentary and filings cite $1.88 billion; other outlets round to $1.9 billion.

Paramount Seeks $1.9 Billion Bond From States in Merger Lawsuit

• Quarterly ticking-fee figure: Most sources state $650 million per quarter; one source describes it as “nearly $650 million.”

Paramount seeks bond from states over Warner Bros. merger delay

• No court decision yet on whether the bond can be applied to the ticking fees, and the ultimate allocation of any posted bond remains unsettled.

Washington Examiner

• “We have satisfied all closing conditions under our merger agreement, having received regulatory clearances from 68 jurisdictions,” — Paramount, *The Hollywood Reporter*

Seattle Times

• “I would be surprised if they could apply the proceeds of any bond toward the ticking fee,” — Corey Martin, M&A lawyer

Business Insider