Paramount CEO David Ellison Faces Final Hurdle in WBD Acquisition Amid Antitrust Challenge
David Ellison, CEO of Paramount Global (PARA), is close to finalizing his $110 billion acquisition of Warner Bros. Discovery (WBD) but faces a significant antitrust challenge led by California Attorney General Rob Bonta and other state attorneys general. Despite public advocacy through media appearances and an op-ed in the New York Times, Ellison has struggled to gain support from key stakeholders including Hollywood exhibitors. The legal battle is now at trial stage with proceedings set for March 2024. While federal regulators have approved the deal, Bonta argues that previous administrations failed adequately on antitrust enforcement and aims to continue this effort in court. Both sides remain open to a settlement but face challenges due to strong opposition from California constituents. Ellison remains confident about completing the acquisition despite rising costs associated with delays. His pursuit of WBD began last year after initiating an unsolicited bid, leading to a hostile takeover attempt following Netflix's withdrawal.
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Topics: antitrust media M&A paramount warner bros. discovery