Federal Judge Freezes Paramount’s $110 Billion Warner Bros. Discovery Takeover

U.S. District Judge Araceli Martínez-Olguín granted a temporary restraining order preventing Paramount Skydance and Warner Bros. Discovery from closing or consolidating operations. The order follows an antitrust challenge from California and 11 other states and remains in place for at least 14 days. An August 3 hearing is scheduled on a requested preliminary injunction. The court said the states presented serious antitrust questions, including evidence projecting a 27% combined share of wide-release theatrical distribution. The transaction was valued at approximately $110 billion in the court order; AP separately described its equity value as $81 billion and nearly $111 billion including debt.