US states are reportedly planning to sue to block Paramount's Warner Bros. takeover
Key takeaways
- California’s attorney general Rob Bonta launched a probe into the deal shortly after it was announced.
- Robert V Schwemmer/Shutterstock Amid widespread opposition to Paramount's $110 billion acquisition of Warner Bros., multiple US states are reportedly working together to fight the merger.
- The deal has faced scrutiny since it was announced back in February, when Paramount officially beat out Netflix in its attempt to buy Warner Bros. following multiple bids.
California’s attorney general Rob Bonta launched a probe into the deal shortly after it was announced.
Robert V Schwemmer/Shutterstock Amid widespread opposition to Paramount's $110 billion acquisition of Warner Bros., multiple US states are reportedly working together to fight the merger. According to a Reuters report, California and New York are among states preparing a lawsuit to block the deal.
The deal has faced scrutiny since it was announced back in February, when Paramount officially beat out Netflix in its attempt to buy Warner Bros. following multiple bids. California Attorney General Rob Bonta in particular has voiced concerns about the potential consequences, saying in a statement at the time, "Further consolidation in markets that are central to American economic life does not serve our economy, consumers, or competition well. In fact, consolidation of markets has led to increased unaffordability, a loss of good-paying job opportunities, and fewer choices for consumers." Bonta added that the deal "must receive a full and robust review," and said the state is "committed to fighting market consolidation that we find unlawful."