August 06, 2026 | Media | North America | Active

Warner Bros. Discovery / Paramount Skydance: The State Challenge, Settlement Prospects and Trial Risks

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Twelve state attorneys general (AGs), all Democrats and led by California’s Rob Bonta, sued on 13-Jul-26 to block PSKY’s acquisition of WBD, a deal the DoJ had declined to challenge a month earlier. The key question we explore in this report is whether the states are genuinely prepared to take the case to trial rather than settle, and, if they are, who would prevail.

Contents

• 1. Will the States Go to Trial, or Settle? Strategy and Politics
• 2. Settlement, Remedies and PSKY’s Incentive to Close
• 3. The Complaint: Relevant Markets and Legal Merits
• 4. DoJ vs. States: Antitrust Assessments
• 5. Trading Considerations and Our Base Case
• Appendix: Precedent US Government Challenges

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