On Wednesday, Mark Ruffalo criticized Paramount Skydance Corp (NASDAQ:PSKY) CEO David Ellison’s proposed Warner Bros. Discovery, Inc. (NASDAQ:WBD) takeover, throwing his support behind California Attorney General Rob Bonta as the $110 billion deal faces mounting pressure.
Ruffalo Backs Bonta In Paramount-Warner Bros. Fight
Ruffalo, best known for playing The Hulk in Marvel’s Avengers franchise, took to X to argue that the deal primarily benefits those positioned to profit from the transaction.
He warned that consolidation could mean less competition, higher costs and job losses for Americans.
“If it wasn’t for the cozy relationship the [Ellisons] have with Trump and a partisan and compromised DOJ, this would have been stopped long ago,” Ruffalo wrote.
He also praised Bonta for challenging the transaction, saying Americans are becoming “smarter” about consolidation and supporting attorneys general willing to fight it.
Paramount Merger Faces Mounting Antitrust Pressure
Bonta has emerged as one of the deal’s most vocal opponents. A coalition of 12 states sued to block the Paramount-Warner Bros. Discovery transaction, arguing it could reduce competition and hurt consumers and Hollywood workers.
Last month, SAG-AFTRA’s National Board passed a resolution against the deal and backed the 12 state attorneys general challenging the merger in court.
During an appearance Tuesday at POLITICO’s The California Agenda: Sacramento Summit, Bonta said Paramount has repeatedly attempted to pressure California into allowing the transaction and described the company’s threat of relocation as an effort to “blackmail” regulators.
$110 Billion Deal Could Cost Paramount Millions as Fight Drags On
Paramount and WBD have pushed the deal’s outside date to June 2027 due to litigation delaying the transaction.
Under the agreement, Paramount faces a roughly $650 million quarterly ticking fee if the deal remains unfinished after Sept. 30 — equivalent to about $7 million per day.
During the summit, Bonta also rejected Ellison’s allegations that his opposition was driven by a desire to prevent the CNN acquisition, calling the allegation “false yesterday, false today, false tomorrow. False all day, every day.”
Bonta has indicated he remains open to a settlement if Paramount approaches negotiations in good faith.
Price Action: Paramount closed at $9.50 on Wednesday, up 1.28% and was down 0.11% to $9.49 in after-hours trading, according to Benzinga Pro.
According to Benzinga Edge Stock Rankings, Paramount remains bearish across the short-, medium- and long-term outlooks.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Denis Makarenko on Shutterstock.com
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