State Attorneys General Prepare Antitrust Challenge to Paramount-WBD Deal

The proposed acquisition would unite two of Hollywood's most significant film studios and combine streaming services Paramount+ and HBO Max. Beyond the digital footprint, the deal creates the largest portfolio of television networks in the United States, pulling together CBS, MTV, and BET with CNN and TNT. Paramount CEO David Ellison has publicly committed to a 30-movie annual output and vowed to protect industry jobs, aiming for a September closing date.

While the U.S. Department of Justice cleared the transaction, determining it posed no significant harm to competition, state regulators remain unconvinced. The European Commission continues its own independent review, with a provisional deadline of July 22. Paramount has already submitted concessions to address European regulatory concerns. The path to this acquisition has been fraught, involving a hostile takeover bid that eventually forced Netflix to abandon its own agreement to acquire WBD’s assets. With the current $31-per-share deal now facing state-level litigation, the timeline for finalizing the media conglomerate's formation remains in flux.