FLASH
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A federal court in the United States has temporarily suspended the merger between Paramount and Warner Bros. Discovery (WBD), dealing a first blow to one of the largest deals in the history of the media industry.
Judge Araceli Martínez-Olguín granted a Temporary Restraining Order, temporarily blocking the completion of the deal, while she reviews the antitrust lawsuit filed by a coalition of 12 state attorneys general, led by California Attorney General Rob Bonta.
The ruling prevents the companies from finalizing the merger this month. The measure is in effect for two weeks, but the court can extend it for another two weeks if it deems it necessary.
Decisive session on August 3
The judge said she would move quickly to consider the states' request for a preliminary injunction, which, if granted, could block the deal for months and create serious obstacles for Paramount.
The hearing is set for August 3, where Paramount lawyers will try to dispute claims that the merger violates US competition laws.
The timing is crucial, as Paramount was close to taking control of Warner Bros. Discovery, including the CNN television network. Without the lawsuit filed on July 13 by a coalition of 12 states, the deal was expected to be completed this week.
Why is the agreement being opposed?
According to the lawsuit, the roughly $111 billion merger would create a media giant with major influence in the theatrical distribution, big-budget films and cable television markets, reducing competition and, potentially, leading to higher prices and fewer choices for consumers.
On the other hand, Paramount argues that the merger is necessary to compete with global streaming platforms such as Netflix and Amazon, emphasizing that the entertainment industry is changing at a rapid pace.
If the court rules in favor of the request for a long-term stay, the merger process could be delayed for months, creating new uncertainties for the future of two of the world's largest media companies.
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