California AG blasts Paramount-WBD merger as ‘illegal,' says threat to leave state is ‘blackmail' effort

California AG Rob Bonta says the proposed $111B Paramount takeover of Warner Bros. Discovery is “illegal” and is leading a Clayton Act lawsuit with 12 other attorneys general. The antitrust challenge raises deal-execution risk and could delay or derail merger closing timelines, increasing uncertainty for both companies.

Analysis

California AG Rob Bonta says the proposed $111B Paramount takeover of Warner Bros. Discovery is “illegal” and is leading a Clayton Act lawsuit with 12 other attorneys general. The antitrust challenge raises deal-execution risk and could delay or derail merger closing timelines, increasing uncertainty for both companies.