Paramount-Warner Bros deal paused through August 17, judge rules
Paramount-Warner Bros deal paused through August 17, judge rules.
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July 23 (Reuters) - Paramount Skydance must pause its $110 billion acquisition of Warner Bros. Discovery through August 17, a federal judge ruled on Thursday.
The move gives Paramount Skydance more time to argue against a potential months-long pause while the case plays out. The company has said such a prolonged delay would plunge the deal into uncertainty and could cost it more than $1 billion.
A California-led coalition of states have sued to block the deal, saying it would harm competition in film and television, hurting theaters and cable companies. The Writers Guild of America has filed a separate lawsuit alleging the deal would decrease demand for screenwriting work.
U.S. District Judge Araceli Martínez-Olguín in Oakland, California, previously paused the deal through August 3, when she would have held a hearing on whether to postpone the deal's closing for longer.
Paramount has asked for a three-day hearing in August where it can present evidence the deal bolsters competition before the judge decides on a longer pause.
(Reporting by Jody Godoy in New York; Editing by Mark Porter and Deepa Babington)
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