California AG Rob Bonta Cancels Paramount Merger Settlement Talks
California Attorney General Rob Bonta canceled scheduled settlement talks with Paramount regarding the proposed merger between Paramount Global (PARA) and Warner Bros. Discovery (WBD). The meeting was called off after Bonta accused Paramount of leaking details from a prior negotiation session and misrepresenting its content, indicating bad faith on the company's part. Bonta leads a coalition of 12 state attorneys general challenging the merger in court, arguing it would create an illegal market concentration by combining two major players in film distribution and basic cable TV programming. Paramount has defended the deal as pro-competitive but faces financial risks due to penalties for delays beyond September 30. The company is also seeking a $1.88 billion bond from the states, claiming litigation costs are significant even if it wins at trial. The case remains ongoing with an antitrust trial set for March 2, 2027.
Tickers: $WBD
Topics: antitrust legal_disputes media_mergers