12 states sue to block Paramount’s $31-a-share bid for WBD
Why it matters: The case targets a deal that would unite CBS, HBO Max, CNN, MTV and BET under one company.
A coalition of 12 state attorneys general sued Monday to stop Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, arguing the tie-up would violate antitrust law. The case, led by California Attorney General Rob Bonta and filed in federal court in Northern California, contends the merger would raise prices, reduce quality and shrink film and TV output. The states said the combined company would control nearly one-third of films and basic-cable programming in the United States. Paramount has said it plans to combine Paramount+ and HBO Max after closing. The deal, priced at $31 per share, had been tracking toward a September close.