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🇺🇸 A judge just paused Paramount's $110B takeover of Warner Bros. Discovery. Temporary restraining order, up to 28 days.
12 states, led by California, sued arguing the merger combines two of the top three cable programmers and two of the top five film distributors. DOJ already cleared the deal in June with no conditions. States are pushing back anyway.
Paramount agreed not to close before July 22 regardless. If the deal isn't closed by September 30, Paramount starts owing WBD investors millions a day.
the real fight now moves to the injunction hearing in late August. That ruling decides everything. Get it and the deal likely dies before trial. Miss it and it closes, becoming nearly impossible to unwind later.