Twelve States Sue to Block Paramount’s $110 Billion Warner Bros. Takeover

California and 11 other states filed a federal antitrust lawsuit seeking to stop Paramount Skydance’s acquisition of Warner Bros. Discovery. The transaction carries an approximately $81 billion equity value and nearly $111 billion value including debt. The complaint alleges that the combination would control about 27% of wide-release theatrical distribution, more than 30% of anticipated top-grossing films and 27% of basic-cable licensing. The states asked the companies to delay closing voluntarily and said they would otherwise seek a temporary restraining order. Paramount says the complaint mischaracterizes competition and has pledged to defend the transaction.