Paramount Skydance has agreed to delay its planned $111 billion merger with Warner Bros. Discovery until after an antitrust trial, following a lawsuit filed on July 13 by California and 11 other U.S. states in the Northern District of California. The state attorneys general argue the deal would weaken competition in cable television and film, potentially harming consumers. On July 24, Paramount reached an agreement with the states to postpone closing. The U.S. Department of Justice cleared the transaction in June, and the European Union granted conditional approval on July 22. The delay pushes completion beyond the original September 30 target and could trigger significant fees to Warner Bros. shareholders.

Prepared by Christopher Adams and reviewed by editorial team.