The delays and costs continue to mount on Paramount’s proposed $110 billion takeover of TNT Sports parent company Warner Bros. Discovery.
As part of an ongoing antitrust lawsuit filed by 12 states, the CBS Sports parent company stipulated late Friday that it is willing to delay the closing of the media megadeal until as late as June 1, 2027 as it seeks to fight the legal challenge.
In a major concession, Paramount agreed that it will postpone closing on the WBD acquisition until after the states’ antitrust case is heard, or by next June—whichever comes first. The statement arrives after a judge in the U.S. District Court for the Northern District of California earlier this week placed a 14-day temporary restraining order on the deal, and then extended it by another two weeks to Aug. 17.
“This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators—a conclusion dozens of competition authorities around the world have already reached,” Paramount said in a statement Friday.
This agreement also cancels a hearing that was to begin on Aug. 3 on a preliminary injunction on the deal that the 12 states sought. Instead, the parties will go directly to trial on the underlying antitrust claims.
