With the DOJ, EU, China, and state AGs all circling — and California's top prosecutor calling it "not a done deal" — the merger's path to closing could take well over a year.
Netflix walked away. Paramount Skydance stepped in. And now the real fight begins. The blockbuster acquisition of Warner Bros. Discovery must survive a four-front regulatory war — the U.S. Department of Justice, the European Union, Chinese regulators, and a bipartisan coalition of state attorneys general — before it can reshape the global streaming landscape.
California Attorney General Rob Bonta threw cold water on the celebration within hours, declaring the deal "not a done deal." With antitrust investigations now averaging a record 12.3 months, a junk credit rating, and political pressure coming from both sides of the aisle, the price of ambition has never been higher.