California and 11 other states argue the deal would reduce competition and consumer choice; an Aug. 3 hearing will consider a longer injunction, while Paramount faces about $7 million a day in fees if closing slips past Sept. 30

A judge on Friday heard arguments on the states' bid to pause the Paramount-Warner Bros. Discovery merger, but did not issue a ruling.

A California judge granted a temporary restraining order on the Paramount-WBD deal after state AGs cited "compelling evidence" of market concentration. A $650M/quarter ticking fee…

California and eleven states secured a pause on Paramount's acquisition of Warner Bros. Discovery. They argued the massive media merger would harm competition and raise prices. …

A federal judge on Monday ordered Paramount and Warner Bros