Paramount Pushes Back Against States’ Antitrust Challenge to Warner Bros. Merger

Paramount filed its opposition to the states’ bid to block its $111 billion merger with Warner Bros. Discovery, calling the suit one of the weakest merger challenges in modern antitrust history. The company argues that real-world film distribution economics and competition from other distributors—including Amazon MGM Studios, Universal, Disney, Sony, Lionsgate, A24 and NEON—mean the deal would not reduce output or raise prices for theaters. Paramount also contends that the merged cable lineups are complementary rather than substitutes and that cord-cutting is eroding leverage for all pay-TV owners. A hearing on the temporary injunction is set for 10 a.m. Friday before Judge Araceli Martinez-Olguin, and this marks Paramount’s first detailed court briefing of its arguments.