California AG cancels Paramount settlement talks over Warner deal

RegulationM&A · Partnership
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Summary · why it matters

California Attorney General Rob Bonta has canceled a settlement meeting with Paramount that was scheduled for Monday regarding the state's lawsuit seeking to block Paramount's proposed $111 billion acquisition of Warner Bros. Discovery. Bonta called off the meeting late Sunday, accusing Paramount of acting in bad faith by leaking and misrepresenting details of a prior settlement discussion held on Friday. He said his office would be happy to meet again once Paramount engages sincerely. Bonta had previously indicated he would accept only structural remedies, and a Wall Street Journal report said he was expected to ask Paramount to divest some cable channels and keep its movie studio separate from Warner Bros. Paramount CEO David Ellison has threatened to relocate the studio out of California if no settlement is reached by October 1.

Impact on stocks 2

Communication Services▼ · 2 stocks
Warner Bros Discovery Inc
WBD
▼ NegativeRegulationrelevance

California AG's lawsuit and cancellation of settlement talks threaten the proposed acquisition, creating regulatory uncertainty for Warner Bros. Discovery.

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