Twelve states challenged Paramount’s takeover of Warner Bros. Discovery on Monday, filing a lawsuit that argues the $81 billion mega merger would “extinguish competition” in Hollywood and threaten jobs across the industry.
California’s Attorney General, who is leading the case, said the states are asking Warner Bros. and Paramount not to close their merger “until after the judicial process concludes” — and if the companies do not agree, the coalition will then file a temporary restraining order.
“The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the US,” Attorney General Rob Bonta said in a statement.
“In this country, no one is above the law,” Bonta said. “With this lawsuit, California and our sister states are fighting for free and fair markets, not rigged markets. America has no kings in government or our economy.”
Full complaint: oag.ca.gov/system/files…