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Topline
Paramount Skydance said in a Friday court filing it agreed to push back its merger with Warner Bros. Discovery, which has been challenged by 12 states, to 2027, voluntarily making the concession after a judge temporarily blocked the merger this week.
The merger is valued at roughly $110 billion.
Photo by Jakub Porzycki/NurPhoto via Getty Images
Key Facts
Paramount voluntarily agreed to delay the merger until June 2027 or until five days after the judge makes a decision on the case, whichever comes first.
Judge Araceli Martinez-Olguin issued a temporary restraining order against the merger on Monday, giving her two weeks to determine if she would issue a more stark order that pauses the deal indefinitely while the lawsuit against the merger plays out in court.
Paramount said its decision to delay the merger allows it to face litigation quickly in court, and said it looked forward to “proving our case at trial.”
New Jersey Attorney General Jennifer Davenport said the delayed merger is “an enormous win,” reiterating the lawsuit’s concerns it would “exploit” consumers, increase cable bills and drive up the cost of movie tickets.
Forbes has reached out to Paramount for comment.
Crucial Quote
“Today’s agreement is a significant win because the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” a Paramount spokesperson told multiple outlets. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached.”
Big Number
$110 billion. That is roughly what the merger is valued at, with Paramount agreeing to pay $31.00 in cash for all outstanding WBD shares.
This is a developing story. Check back for updates.
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