California’s Attorney General Rob Bonta has reportedly cancelled preliminary discussions planned for today over a potential settlement with David Ellison‘s Paramount.
Bonta is leading the twelve-state coalition lawsuit seeking to block Paramount’s proposed $111 billion acquisition of Warner Bros. Discovery.
According to The New York Times, Bonta called off the meeting late Sunday and accused Paramount of misrepresenting details of an earlier meeting held on Friday. In a statement to the paper, he said:
“Not only did Paramount leak the alleged substance of settlement discussions, but they misrepresented these discussions, demonstrating a lack of good faith. As soon as Paramount stops playing games and engages sincerely, my office is happy to meet again.”
The coalition argues that the merger would give the company too much power across cable television and movie production. This meeting was perceived as a potential movement towards a resolution.
The antitrust trial remains scheduled for March, but Paramount will begin accruing a ‘ticking fee’ owed to shareholders that will cost about $7 million per day starting October 1st if the deal has not closed.
