Judge Issues 14-Day Restraining Order on Paramount, Warner Bros. Merger
The order halts the merger just before its earliest close date, with the states now seeking a longer block that could derail the deal entirely.
Reporting from 1 source: Anime News Network.
A federal judge issued a 14-day temporary restraining order on Paramount's hostile takeover of Warner Bros. Discovery, blocking the merger from closing on July 22. A 12-state coalition led by California Attorney General Rob Bonta argues the deal violates antitrust law by combining two of the top three cable programmers and two of the top five film distributors. A hearing for a preliminary injunction is set for August 3.
The District Court for the Northern District of California granted the 14-day restraining order on Monday, siding with a coalition of 12 states that argue the merger would harm competition. Judge Araceli Martínez-Olguín wrote that the coalition demonstrated serious questions about the merits remain. The states are also seeking a preliminary injunction, with a hearing scheduled for August 3. If the deal does not close by September 30, Paramount will owe daily payments to Warner Bros. investors.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.
Sources
- Anime News Network News Judge Issues 14-Day Restraining Order on Paramount, Warner Bros. Merger