The proposed merger of Warner Bros. and Paramount is worth $110 billion. File Photo by Jim Ruymen/UPI | License Photo
July 13 (UPI) -- The attorneys general of 12 states sued Monday to block the proposed merger of Paramount and Warner Bros., saying it would undermine competition in the entertainment industry.
A news release announcing the lawsuit from New York Attorney General Letitia James said Paramount Skydance Corp.'s purchase of Warner Bros. Discovery Inc. "would combine two of the five major film studios and two of the five major basic cable companies, creating a massive conglomerate in markets for basic cable and theatrical film releases."
"For over a century, Paramount and Warner Bros. have competed to create movies and television that bring people together, inspire and sustain generations of artists, and help us understand the world," James said. "This merger would destroy that competitions, creating a massive company with unprecedented power and influence over news and entertainment across the globe."
The release said the merger would increase costs for consumers and put jobs at risk.
