- Oregon Attorney General Dan Rayfield has filed a motion seeking a 60-day delay of Paramount's acquisition of Warner Bros. Discovery, with a hearing set for Monday in Multnomah County court.
- US states are preparing to potentially sue to block the deal as soon as next week, with a multistate antitrust lawsuit being finalized.
- The Oregon AG's office is seeking to pause the merger while reviewing documents related to the acquisition.
- Paramount has stated it will not complete the merger before July 22, according to a spokesperson for the Oregon Attorney General’s Office.
- The Justice Department cleared Paramount’s acquisition of Warner Bros. Discovery last month, but this does not prevent state attorneys from pursuing their own antitrust claims.
- California Attorney General Rob Bonta has expressed concerns about the merger, leading a coalition of state attorneys general investigating the deal.
- Paramount's acquisition of Warner Bros. Discovery, valued at $110 billion, has faced criticism from various stakeholders, including actors and theater owners, who fear it may harm competition.
Oregon Attorney General Dan Rayfield is pushing for a 60-day delay in the merger between Paramount and Warner Bros. Discovery, citing potential harm to competition and consumer choice. A hearing is set for Monday in Multnomah County court, where Rayfield aims to compel Paramount to provide documents related to the merger.14
Rayfield stated, “Oregonians have a real stake in this deal – in our film industry, in our economy, in the choices they’ll have as consumers.” He accused Paramount of attempting to evade scrutiny, saying, “Instead, it is trying to run out the clock and evade scrutiny.” The Oregon AG's office is investigating whether the merger could violate state antitrust laws, especially after the U.S. Justice Department cleared the deal last month.35
The multistate lawsuit against Paramount is expected to be filed soon, with California Attorney General Rob Bonta leading the charge. Critics argue that the merger could reduce competition in the entertainment industry, a claim that Paramount has denied. The company has stated that the merger would allow it to better compete in a challenging market.
If the court grants the delay, it could significantly impact Paramount's plans, which include a $110 billion acquisition and potential cost cuts of $6 billion. Paramount has also committed to a 25-cent-per-share 'ticking fee' if the deal does not close before October, amounting to approximately $650 million each quarter.7
Rayfield's motion highlights the importance of transparency in the merger process, as he seeks to ensure that Oregonians receive the answers they deserve before the deal is finalized.
“A coalition of state attorneys general is finalizing an antitrust lawsuit that could be filed next week, challenging the $110.9 billion merger on competition grounds. Separately, Paramount faces a $650 million quarterly ticking fee if the deal does not close by October.”
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