A dozen Democratic-led states just threw a legal wrench into what would be one of the largest media deals in history. The coalition filed suit on July 13 in federal court in Sacramento to block Paramount Skydance’s proposed $111 billion acquisition of Warner Bros. Discovery, arguing the deal would gut competition in the cinema industry.
Here’s the thing: the US Department of Justice already cleared this merger in mid-June. The states decided that wasn’t good enough.
What the deal looks like
The acquisition, first announced on February 27, 2026, would give WBD shareholders $31 per share in cash, plus a ticking fee. The total price tag sits around $110 to $111 billion, making it one of the most expensive media transactions ever proposed.
The merger attracted competitive interest from several major players. Netflix reportedly put in a bid for WBD, which tells you everything about how valuable this asset is considered.
