Paramount targets Sept. close for WBD deal as states seek halt
What's next: A court fight over a temporary restraining order could delay the merger and trigger a $650 million quarterly ticking fee after Sept. 30.
Paramount Skydance still aims to close its proposed acquisition of Warner Bros. Discovery by the end of September, even after a coalition of state attorneys general sued to block the deal on antitrust grounds. The states, led by California Attorney General Rob Bonta, also asked the court for a temporary restraining order after Paramount signaled it could close as early as July 22, pending a European Union decision. Paramount lead trial counsel Jeffrey Kessler said the company expects to secure all regulatory clearances by then and is prepared to keep fighting if the case drags on. A delay beyond Sept. 30 would raise the cost of the deal because Paramount agreed to pay WBD shareholders about $650 million in cash value for each quarter the closing slips.