Paramount-Warner Bros merger clears hurdle as Oregon withdraws delay bid
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The Oregon attorney general's office has withdrawn its motion to delay the closing of the $111 billion Paramount-Warner Bros. merger, according to a filing lodged on Friday in the Multnomah County Circuit Court in Portland. The reversal removed a significant obstacle, allowing the deal to close as soon as 22 July, although several states — including Oregon and California — continued to investigate whether the transaction breached their antitrust laws and could still have sought an injunction to block it.
Oregon Attorney General Dan Rayfield had asked the court on Wednesday to extend the closing date by 60 days, arguing his office needed more time because Paramount Skydance had been unresponsive to records requests, and suggesting the Department of Justice had improperly approved the merger in June. The office also dropped its demand for records concerning "Project Warrior", the code name for the effort to secure regulatory approval, which Paramount had argued was irrelevant to the antitrust issues at hand. A company spokesperson welcomed the withdrawal as "the right decision", while a spokeswoman for the attorney general said Paramount believed it was "above the law" and that the office was weighing its next steps. Paramount, which had already been cleared by authorities in Australia, Canada and China, was still seeking approval from the European Commission and the UK.
- Oregon drops its bid to delay the $111bn Paramount-Warner Bros. merger.
- The deal could close as soon as 22 July.
- Oregon and California antitrust investigations continue; an injunction remains possible.
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Paramount and Warner Bros Discovery are two major American media companies attempting to merge in a deal worth around $111 billion, combining film studios, television networks and streaming services under one roof. Because the combined company would be so large, the deal needs approval from competition regulators in several countries, as well as scrutiny from individual US states, who can raise concerns about whether it breaks antitrust laws designed to prevent unfair concentrations of market power.
Several US state attorneys general, including those in Oregon and California, have been examining the merger and had the power to ask courts to delay or block it while they investigated. Oregon's attorney general, Dan Rayfield, is the key figure in this particular dispute, having raised questions about Paramount Skydance's cooperation with information requests and about how the US Department of Justice reached its decision to approve the deal in June.
The outcome matters because it affects how much control a single company would have over a large share of Hollywood's film and television output, as well as major cable and streaming brands. Beyond the American regulators, the merger also still requires sign-off from competition authorities in the European Union and the United Kingdom, even after clearing hurdles elsewhere, including Australia, Canada and China.
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The strongest fair case each way — we don't pick a winner.
The case for
Federal regulators approved the merger in June after full review, and major jurisdictions including Australia, Canada and China have already cleared it. Oregon's specific requests regarding 'Project Warrior' documents have been characterised by the company as immaterial to antitrust analysis. Indefinite regulatory delays beyond federal approval undermine deal certainty and amount to obstruction when no concrete violation has been identified, whilst multiple independent regulatory reviews have found the transaction acceptable.
The case against
States retain independent antitrust authority, particularly for transactions of this magnitude, and cannot properly investigate if companies prove unresponsive to records requests. A 60-day extension is modest for examining a $111 billion deal, and Oregon's concerns about the approval process and potentially relevant communications remain legitimate. Other states continue independent investigations, suggesting the transaction warrants adequate time for thorough state-level review before closing.
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Originally published by Variety as “Oregon D.A. Drops Motion to Delay Paramount-Warner Bros. Merger”.