Judge pauses Paramount Skydance-Warner Bros. Discovery merger for 14 days

According to CNBC, California District Judge Araceli Martínez-Olguín granted a temporary restraining order on Paramount Skydance's proposed acquisition of Warner Bros. Discovery, putting the $110 billion deal on hold for 14 days after a lawsuit from state attorneys general. California's Rob Bonta led the lawsuit, which seeks to block the merger over antitrust concerns. Paramount's lead trial counsel Jeffrey Kessler said the company had aimed to close the deal as early as July 22, when it expects to have all regulatory clearances, while Paramount has said it remains on track to close by the end of September. If the deal slips beyond Sept. 30, Paramount could owe a ticking fee of 25 cents per WBD share each quarter, equal to about $650 million in cash value per quarter, and it also agreed to a $7 billion breakup fee if the deal does move forward due to regulatory concerns.