Paramount Skydance Delays Warner Bros. Merger Amid Multistate Antitrust Challenge

Paramount Skydance agreed to push back its $111 billion takeover of Warner Bros. Discovery to as late as June 2027 after a coalition of state attorneys general led by California’s Rob Bonta filed an antitrust challenge; a federal judge had paused the deal with a temporary restraining order, and the parties now plan a full trial on competition issues. The delay increases deal costs via quarterly ticking fees and could trigger a $7 billion breakup fee if the merger fails. Europe has approved the merger to proceed; U.S. regulators had signaled approval earlier.