The proposed merger between Warner Bros. Discovery and Paramount Skydance, valued at 110 billion dollars, has stalled due to antitrust challenges filed by several states led by California Attorney General Rob Bonta, with preliminary settlement talks collapsing this week. WBD had already begun splitting itself into two separate publicly traded entities before the deal delays ground that transformation to a halt. Paramount has agreed to acquire WBD for 31 dollars per share, and if regulatory approval is delayed beyond September, a ticking fee will increase the total deal value. Under interim operating covenants, WBD can still operate independently and pursue licensing deals with peers like Netflix, though major M&A activity remains restricted while the merger is pending.
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