California Attorney General Rob Bonta canceled a scheduled Monday meeting with Paramount Skydance, stating that the company had violated confidentiality agreements and mischaracterized settlement discussions in early merger negotiations. Bonta indicated that Paramount leaked details of a Friday meeting between his office and the company, while also misrepresenting the substance of those discussions.
Paramount disputed the allegation, asserting in a statement that it had not been the source of the leaks and reaffirming its commitment to good faith negotiations. The company expressed optimism about resolving the lawsuit filed by state attorneys general and moving forward with its acquisition plans.
Bonta is leading a multistate coalition in antitrust litigation seeking to block Paramount Skydance’s proposed acquisition of Warner Bros. Discovery. The combined entity would create a substantial media conglomerate controlling significant portions of film and basic television programming, according to the complaint. The acquisition is valued at approximately $110 billion, and Paramount has agreed to extend the deal’s closing deadline to as late as June 2027.
Despite the current tensions, Bonta had previously expressed willingness to negotiate a settlement, characterizing the lawsuit as straightforward from an antitrust perspective. He noted that resolution would require substantial structural remedies from Paramount. A trial in the case is scheduled for March. Paramount has dismissed the lawsuit as a mischaracterization of competitive dynamics and has maintained support for the acquisition.
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