Paramount/WBD merger conditions give the public "virtually nothing," judge is told
US judge reviews deal with California, says it must not be result of collusion.
US judge reviews deal with California, says it must not be result of collusion.
The short version
- Free speech and media advocacy groups urged a judge to block a California settlement with Paramount Skydance that would let the company finalize its $111 billion merger with Warner Bros.
- Twelve states led by California sued to block the deal in July and were able to delay it when US District Judge Araceli Martínez-Olguín ruled that Paramount combining with Warner Bros. would likely reduce competition substantially and violate antitrust laws.
- Despite that initial victory, California Attorney General Rob Bonta announced a settlement with Paramount earlier this week and the other states involved in the lawsuit signed on to the deal.
What happened
Martínez-Olguín must decide whether to approve the settlement. Bonta “publicly criticized the very behavioral remedies that the parties now ask the Court to approve,” the filing said.
Why it matters
“The proposed consent decree requires no divestiture as a condition of closing.
Summary by Nerd News Network. Read the full article at Ars Technica via the links above and below.