Oregon’s Attorney General Dan Rayfield is stepping into the acquisition of Warner Bros. Discovery by Paramount Skydance. The office had asked for records regarding the deal, in particular its “Project Warrior,” the lobbying of the White House and the Department of Justice, questioning their approval of the merger in June.
The office had asked for records regarding the deal and stated that Paramount Skydance had not been responsive to record requests. The company has responded back that those records are not pertinent to antitrust concerns.
After initially filing multiple motions, the Attorney General’s withdrew the request to delay the closing of the merger as well as the request of records. The $110 billion acquisition could close as early as July 22.
The investigation is not over though, and the office has stated they are considering their next steps. Jenny Hansson, a spokeswoman for the A.G.’s office, said:
Paramount made it clear that they weren’t going to comply with the investigative demand, and that they think they’re above the law. We’re not going to let them waste Oregonians’ resources on these games. We’ve withdrawn the motion to consider our next steps.
Oregon is the first state to step in regarding the deal but more may join as California’s Attorney General has voiced concern over the deal and it is expected a motion will be filed in the next few weeks regarding it.
Paramount Skydance still faces a hurdle in the European Commission and the U.K. The company has attempted to address EU competition concerns such as ending a film distribution venture it has with Universe Pictures. The European Commission has extended its deadline for its decision from July 7 to July 22.
Paramount Skydance wants the deal to close before September 1, 2026 or the cost will increase the longer it drags on. The price increases 25 cents per share per quarter it’s not approved. That would add $627 million to the cost of the overall deal each quarter, or roughly $7 million per day.
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Source: Graphic Policy
