California Attorney General Rob Bonta has canceled a scheduled meeting with Paramount Skydance, citing the company's 'lack of good faith' during preliminary settlement discussions related to its proposed $110 billion merger with Warner Bros. Discovery (WBD).
Bonta accused Paramount of leaking and misrepresenting the details of their discussions, which he believes undermines the negotiation process. His office, along with 11 other state attorneys general, filed a lawsuit in July to block the merger, arguing it would create a media conglomerate with excessive control over film and television programming.
Bonta has expressed a willingness to negotiate but insists that any resolution would require significant structural changes from Paramount. The trial for the antitrust case is set for March, while Paramount has committed to delaying the merger's closing until at least June 2027.
The situation underscores the complexities and regulatory scrutiny surrounding major media mergers in the current landscape