States including California and New York sued over concerns of ‘extinguishing competition’ with $81bn merger
Paramount has reached a settlement with California and several other states that sued over a proposed $81bn merger with Warner Bros Discovery (WBD), according to reports on Monday, clearing the way to consolidate some of Hollywood’s most recognizable TV networks and studios under one owner.
Though the merger was approved by the justice department in June, a coalition of 12 states, led by California, had sued over concerns that combining two of the five last legacy studios in Hollywood would “extinguish competition” and lead to fewer movies in theaters and on streaming platforms.
