Oregon AG drops delay bid on $111B Paramount-Warner Bros. merger

The Oregon attorney general’s office has withdrawn its motion to delay the closing of the Paramount-Warner Bros. merger, a filing confirmed Friday in Multnomah County Circuit Court in Portland, Ore., according to a Variety report. The deal could close as soon as Wednesday, July 22, though multiple states are still investigating whether the $111 billion transaction violates antitrust laws.

Earlier in the week, Oregon Attorney General Dan Rayfield had asked a court to extend the closing by 60 days, citing Paramount Skydance’s lack of responsiveness to records requests, Variety reported. The state sought documents on the company’s lobbying of the White House and Department of Justice, arguing the DOJ may have improperly approved the merger last month.

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States still may block deal

Despite Oregon’s withdrawal, California and other states could still seek an injunction before July 22, Variety stated. U.S. states concerned that the merger will hurt competition could sue to block it as early as next week, per two sources familiar with the matter.

According to Yahoo Finance, advocacy groups warn that the deal could raise streaming subscription prices, reduce content variety, and lead to worker layoffs. California Attorney General Rob Bonta has led the investigation into whether the merger unlawfully harms competition, Yahoo said.

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Per Variety, a Paramount spokesperson said, “We are pleased that the Oregon Attorney General has withdrawn its motion to delay this transaction,” calling it a “lawful, pro-competitive merger.” However, Jenny Hansson, a spokeswoman for Oregon’s A.G. office, said the agency is reviewing next steps, noting in Variety’s report, “Paramount made it clear that they weren't going to comply with the investigative demand.”

Paramount has already received regulatory approval from Australia, Canada, and China, and is working with the European Commission and U.K. authorities, according to Reuters, Yahoo Finance noted. The company stated the transaction will “create a stronger challenger to dominant global streaming and technology platforms.”