California AG Sues to Block Paramount Skydance-Warner Bros. Merger

Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said Monday. The lawsuit argues the deal would eliminate competition between two of the industry's five major film distributors and two of the five major basic cable channel owners. "The coalition has asked Warner Bros. and Paramount not to close the merger until after the judicial process concludes, and if they do not agree, the coalition will be filing a temporary restraining order," the AG added. Paramount Skydance and Warner Bros. Discovery didn't immediately respond to ' requests for comment. Price: $9.74, Change: $+0.32, Percent Change: +3.45%