Story
Paramount Delays Warner Bros. Acquisition Closure to July 22 Amid Oregon Investigation
Summary
Paramount will not close its $110 billion acquisition of Warner Bros. before July 22, extending the timeline as the Oregon attorney general's office seeks more time and records to review the deal. The new date also aligns with a deadline set by European regulators.
Paramount has confirmed it will not finalize its proposed $110 billion acquisition of Warner Bros. before July 22, pushing the deal's closure back by a week. The delay comes amid a regulatory review by the Oregon attorney general’s office, which announced the new timeline on Wednesday.
Oregon Attorney General Dan Rayfield’s office has petitioned a court in Multnomah County to order Paramount to provide records related to the merger. The office is also requesting a 60-day delay to allow the state adequate time to review the documents. According to Rayfield's office, Paramount had previously agreed not to close the deal before July 16 but amended the date during a preliminary court hearing.
Separately, the acquisition is facing scrutiny from European regulators. The European Commission recently extended its deadline for a decision on the deal to July 22, the same date now cited by Paramount. This extension was granted to provide time to assess remedies proposed by Paramount to address competition concerns.
AdTo secure approval from the European Commission, Paramount has reportedly offered to dissolve its film distribution joint venture with Universal Pictures. The proposed concessions aim to alleviate concerns that the merger could negatively impact competition within the media industry in Europe.