NEW YORK (AP) 鈥� Twelve states challenged Paramount鈥檚 takeover of Warner Bros. Discovery on Monday, filing a lawsuit that argues the $81 billion mega merger would 鈥渆xtinguish competition鈥� in Hollywood and threaten jobs across the industry.
The office of California鈥檚 attorney general, who is leading the case, said the states are asking Warner Bros. and Paramount to not close their merger 鈥渦ntil after the judicial process concludes鈥� 鈥� and if the companies do not agree, the coalition will then file a temporary restraining order.
鈥淭he unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the U.S.,鈥� said Attorney General Rob Bonta said in a statement.
Paramount, which was bought just last year, wants all of Warner. That putting HBO Max, cult-favorite titles like 鈥淗arry Potter鈥� and under the same roof with CBS, 鈥淭op Gun鈥� and the Paramount+ streaming service. The states鈥� lawsuit could throw a wrench in those plans, at least for now. The antitrust case arrives at a pivotal time for the Paramount-Warner transaction 鈥� which, after months of what became a very public bidding war, received in April and then a just last month.
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