Paramount has reportedly agreed to not close its $111 billion takeover of Warner Bros. Discovery until a court makes a decision over whether it violates antitrust laws.
In a court document filed on Friday, Paramount says it will hold off on consummating the acquisition until June 2027 or five days after the court issues a ruling on the case, whichever is earlier.
The case hails from a coalition of states looking to block the merger. In a statement, a Paramount spokesperson says:
“This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached. Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny. We look forward to proving our case at trial.”
The news comes just hours after U.S. District Judge Araceli Martínez-Olguín issued an extension of a temporary restraining order barring Paramount from closing until August 18th at the earliest.
In Friday’s filing, both sides have agreed to cancel an August 3rd preliminary injunction hearing.
Source: THR
