Judge Pauses Paramount-Warner Bros. Merger
Paramount had previously agreed not to close the transaction before July 22. The states are also seeking a preliminary injunction, which would block it...
Key points
- Paramount had previously agreed not to close the transaction before July 22.
- The states are also seeking a preliminary injunction, which would block it until the judge rules on the merits of the states’ lawsuit.
- Paramount has pushed for a hearing on the injunction with live witnesses, which would take place sometime in late August.
- At the hearing, Martinez-Olguin suggested that Paramount had conceded it would not be harmed by a temporary pause.
What happened
Paramount had previously agreed not to close the transaction before July 22. The states are also seeking a preliminary injunction, which would block it until the judge rules on the merits of the states’ lawsuit. Paramount has pushed for a hearing on the injunction with live witnesses, which would take place sometime in late August. At the hearing, Martinez-Olguin suggested that Paramount had conceded it would not be harmed by a temporary pause. Jeffrey Kessler, arguing for Paramount, offered to stipulate that the transaction would not close for up to 30 days pending a hearing on the injunction motion. Paramount also argues that the cable market is in decline, and that the court should thus not rely on the states’ estimates of market concentration.