California AG Cancels Paramount Merger Talks Over $111 Billion Warner Deal Leaks
Updated
Updated · The New York Times · Aug 24
California AG Cancels Paramount Merger Talks Over $111 Billion Warner Deal Leaks
3 articles · Updated · The New York Times · Aug 24
Summary
Rob Bonta scrapped a Monday meeting with Paramount that was meant to start settlement talks over California’s lawsuit to block Paramount’s proposed acquisition of Warner Bros. Discovery.
Bonta said he called off the talks late Sunday because Paramount leaked and misrepresented details from a Friday meeting, showing a lack of good faith; Paramount had no immediate comment.
The canceled session had been viewed as a potential breakthrough after Paramount threatened to leave California and Gov. Gavin Newsom signaled he preferred a settlement.
California and 12 other state attorneys general sued last month to stop the $111 billion deal, arguing it would give the combined company excessive power in cable television and movie studios.
With a March trial set and October closing deadlines looming, further delay could cost Paramount hundreds of millions of dollars in fees owed to Warner Bros. shareholders while political pressure for a resolution grows.