Oregon’s attorney general’s office withdrew its court motion Friday seeking to delay Paramount Skydance‘s (NASDAQ:PSKY) $110 billion acquisition of Warner Bros Discovery (NASDAQ:WBD) as it reviews its next move.
Records Dispute Fuels Standoff
“Paramount made it clear that they weren’t going to comply with the investigative demand, and that they think they’re above the law. We’re not going to let them waste Oregonians’ resources on these games,” Oregon’s Department of Justice said in a statement to Reuters.
On Wednesday, the state had asked a Multnomah County court to force Paramount to hand over documents and push back the deal by 60 days.
The department added that it withdrew the motion “to consider our next steps.”
Oregon’s attorney general’s office and Paramount did not immediately respond to Benzinga‘s requests for comment.
Broader Scrutiny Looms
The all-cash deal, valued at $31 per share, has already cleared the Department of Justice and regulators in Kuwait, Austria and Australia.
Paramount is also awaiting an extended EU decision, now due Jul. 22, after offering concessions to Brussels regulators.
California Attorney General Rob Bonta is leading a separate probe into potential antitrust concerns, with states potentially suing to block the deal as soon as next week.
The deal, which would combine two of Hollywood’s four major studios, has faced opposition from actors and writers over concerns about potential job losses.
Stock Comparison: PSKY vs. WBD
| Metric | Paramount Skydance | Warner Bros. Discovery |
|---|---|---|
| YTD Stock Performance | -19.85% | -6.73% |
| Market Capitalization | $10.53B | $66.66B |
| 52-Week Range | $8.62 – $20.86 | $10.76 – $30.00 |
| Shares Outstanding | 1.09B | 2.51B |
Photo Courtesy: Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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