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“Judge Pauses Paramount, Warner Bros.”
“Discovery days before the deal was expected to close.”
“Discovery after a group of states claimed the merger violated antitrust rules.”
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“Justin Sullivan/Getty Images A judge in California has temporarily halted Paramount ’s $111 billion acquisition of Warner Bros.”
“Merger After States Sue to Block $111 Billion Deal A temporary restraining order was granted, setting up a battle over a more concrete injunction as the states pursue their antitrust case By Jon Blistein Jon Blistein Contact Jon Blistein by Email Judge Halts Paramount, Warner Bros.”
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“Discovery agreed to an acquisition deal in February, after Paramount beat out Netflix in a high-profile bidding war.”
“The TRO could be extended for up to 28 days, though, as Martínez-Olguín left open the possibility for scheduling changes if both sides agreed.”
“(The company had previously said it would not complete the purchase before July 22.) The TRO lasts just 14 days, during which time the judge will hear arguments from both sides over whether to issue a preliminary injunction that would more concretely block the merger as the case moves forward.”
“30, a so-called “ticking fee” will kick in, forcing Paramount to pay out about $7 million a day to Warner shareholders.”