Iowa Attorney General Brenna Bird announced she is taking California to the Supreme Court after the state and 11 others sued to block Paramount Skydance's planned acquisition of Warner Bros. Discovery. Montana's Austin Knudsen joined Bird in filing a motion with the Supreme Court on Tuesday, arguing that the twelve states have effectively vetoed a transaction that the other thirty-eight states and the United States declined to challenge. The filing contends that a handful of states are abusing antitrust law to score political points, not to protect competition, and that the untimely lawsuit is already harming competition. The legal action comes as California Attorney General Rob Bonta faces pressure to settle, having reportedly canceled a meeting with Paramount representatives scheduled for Monday. Investment bankers are also examining potential divestitures of Warner Bros. assets if a settlement requires them.
Paramount Skydance Corporation Class B Common StockParamount's acquisition of Warner Bros. is being challenged by states, potentially blocking the deal.
Warner Bros Discovery IncWarner Bros. Discovery's acquisition by Paramount is subject to legal challenge, threatening the deal.
Netflix Inc