Paramount chief executive David Ellison said a proposed $111 billion merger with Warner Bros. Discovery is being delayed by an antitrust lawsuit brought by 12 US state attorneys general. He argued that the companies could close immediately were it not for the case, despite approvals from regulators in Mexico and 68 other jurisdictions, including the EU, UK and US Department of Justice.

The state action, led by California and New York, was filed on 13 July, and a two-week trial is scheduled to begin on 2 March 2027. Paramount says it has offered concessions and seeks a response by 1 October, when a $7 million-per-day fee to WBD shareholders would begin; it also faces substantial debt and possible penalties if the deal fails.