NYTIMES (Sharon Waxman) - Hollywood Surrenders to the Ellison Empire
There’s no sense of triumph or even defeat, merely numb exhaustion.
HUFFPOST (U.S. News) - Paramount Settles With California, Other States Over Warner Bros Merger
The settlement removes a major obstacle to closing one of the largest media mergers in history.
ABCNEWS - Paramount agrees to delay closing Warner Bros buyout while judge considers challenge
Skydance-owned Paramount on Friday agreed to delay closing its $81 billion buyout of Warner Bros
AXIOS (Sara Fischer) - Paramount Skydance-Warner Bros. Discovery merger paused by federal judge
A federal judge has paused Paramount Skydance's takeover of Warner Bros. Discovery in response to a lawsuit last week from a dozen state attorneys general looking to block the deal on antitrust grounds. Why it matters: The delay represents the most significant legal challenge related to the merger globally to-date. - While some foreign regulators, including the U.K.'s Competition and Markets Authority, are still reviewing the deal, none have issued an order that independently bars Paramount and WBD from closing. Zoom in: On Monday, California District Judge Araceli Martínez-Olguín issued a 14-day restraining order that prevents Paramount and WBD from closing their deal. - The judge argued it was in the public's best interest to issue…
AXIOS (Sara Fischer) - A dozen states file lawsuit to block Paramount Skydance-Warner Bros. Discovery merger
State attorneys general from a dozen states, including California, New York and Washington, filed a lawsuit to block Paramount Skydance's $110 billion takeover of Warner Bros. Discovery. Why it matters: The lawsuit could derail or delay the closing of the deal, which could cost Paramount hundreds of millions of dollars. - The coalition of states said they asked the two companies not to close their merger until after the judicial process concludes, adding it will file a temporary restraining order. - The coalition is composed of California, Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington. Zoom in: The states argue the deal is anticompetitive on three grounds: -…
NPR (David Folkenflik) - States sue to stop Paramount-Warner Bros blockbuster merger
California is among the states suing to block Paramount from buying Warner Bros. Discovery in a Hollywood mega-merger that would unite some of the nation's largest movie studios and TV newsrooms.
NYTIMES (Benjamin Mullin, David McCabe and Lauren Hirsch) - Paramount-Warner Bros. Merger Is Challenged in Court by California and 11 Other States
The lawsuit, filed by California and 11 other states, argues that the deal would harm movie theaters and damage America’s entertainment industry.
ABCNEWS - DOJ signs off on Paramount's acquisition of Warner Bros. Discovery
The Department of Justice said it determined that Paramount Skydance's $111 billion acquisition of Warner Bros. Discovery is not likely to harm competition.
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AXIOS (Sara Fischer) - Warner Bros. Discovery shareholders approve Paramount Skydance deal
Warner Bros. Discovery shareholders on Thursday voted "overwhelmingly" in favor of the merger with Paramount Skydance, clearing a critical hurdle. - Yes, but: Shareholders did not approve the executive compensation package presented at the meeting. Why it matters: The executive compensation package would have seen CEO David Zaslav earning at least $500 million. Zoom in: More than 1.4 billion votes were cast against the compensation proposal, versus the 307.7 million in favor. Each share of WBD common stock is entitled to one vote. - The compensation proposal was an advisory, non-binding vote and not a condition for completion of the deal. - The executives could still earn the payments outlined in the package if the deal closes,…
NPR (Mandalit del Barco) - Warner Bros. Discovery shareholders approve $110B merger with Paramount Skydance
Paramount CEO David Ellison must now make his case to regulators and a wary Hollywood that the merger is good for the industry.