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Paramount Skydance must pause Warner Bros. Discovery deal through Aug. 17
The judge’s ruling extends a prior pause and Paramount says a months long delay could cost it more than $1 billion as litigation proceeds.
A federal judge ruled that Paramount Skydance must pause its proposed $110 billion acquisition of Warner Bros. Discovery through August 17, extending a litigation delay while the case plays out, according to Reuters.
Paramount said the additional postponement would leave the deal in uncertainty and could cost the company more than $1 billion.
The pause comes after a California-led coalition of states sued to block the deal, arguing it would harm competition in film and television and hurt theaters and cable companies.
Separately, the Writers Guild of America filed a lawsuit saying the transaction would reduce demand for screenwriting work. U.S. District Judge Araceli Martínez-Olguín had previously paused the deal through August 3 and will consider whether to extend the postponement further; Paramount has asked for a three-day hearing in August to present evidence that the deal would bolster competition.