California eyes Milbank lawyers for potential challenge to Paramount-Warner Bros. deal

RegulationM&A · Partnership
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California is considering hiring two Milbank LLP lawyers to lead a potential multistate antitrust challenge to Paramount Skydance's proposed $110 billion acquisition of Warner Bros. Discovery. The move signals that California Attorney General Rob Bonta may file a lawsuit to block the deal, even though the Department of Justice has indicated it is unlikely to challenge the merger at the federal level. Paramount Skydance has offered concessions to state regulators to avoid litigation, but California and allied states are still preparing for a possible lawsuit if negotiations fail. The acquisition has already cleared U.S. federal antitrust review, with the companies targeting a closing in late summer 2026, contingent on remaining conditions.

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Communication Services▼ · 2 stocks
Warner Bros Discovery Inc
WBD
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California may file antitrust lawsuit to block Warner Bros. Discovery's acquisition by Paramount.

Off-coverage companies 1

Milbank LLPPrivate± Mixed
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