Paramount has agreed to delay its proposed Warner Bros. merger until after an antitrust trial, following a challenge from a coalition of 12 US states. The move suggests Paramount judged it unlikely to defeat an imminent request for a preliminary injunction, shifting the dispute towards a longer court battle over whether the deal would reduce competition.

California Attorney General Rob Bonta said the states believe the merger is likely to harm competition and would support a trial date in 2027. Paramount hopes for a trial before the end of 2026, but will begin paying Warner Bros. Discovery shareholders $7 million a day from 30 September if the deal has not closed; it has agreed not to complete the transaction until five days after a ruling or 1 June 2027, whichever comes first.