CA AG Cancels Paramount Merger Settlement Meeting

California Attorney General Rob Bonta has cancelled a scheduled settlement meeting with Paramount executives, accusing the entertainment giant of acting in bad faith amid a multistate antitrust battle over its proposed acquisition of Warner Bros. Discovery. The talks, which were set for Monday, August 24, were called off late Sunday, August 23, after Bonta alleged that Paramount leaked and misrepresented details of an earlier discussion.

The cancellation marks a new flashpoint in the legal fight over Paramount's approximately $110 billion merger with Warner Bros. Discovery. In a statement, Bonta said, "Not only did Paramount leak the alleged substance of settlement discussions, but they misrepresented these discussions, demonstrating a lack of good faith." He added that his office would be "happy to meet again" once Paramount engages sincerely.

The scheduled meeting was intended as an initial exploration of a possible resolution to the lawsuit filed in July by Bonta and a coalition of 12 state attorneys general. That lawsuit seeks to block the deal, arguing the combination of two of Hollywood's five major film distributors and basic cable owners would harm competition, lead to...