The Oregon attorney general’s office has withdrawn its court motion to delay Paramount’s proposed $110 billion acquisition of Warner Bros. The state had sought to review documents related to the deal, but Paramount refused to comply with the investigative demand.
Paramount had agreed not to close the transaction before July 22 amid the state’s review. The company has stated that the merger is “lawful” and “pro-competitive.” The deal has drawn criticism from actors, writers, and others in Hollywood who fear job losses.
Regulatory Scrutiny
The acquisition has also faced scrutiny from other U.S. states, which could sue to block the deal over competition concerns. Oregon is seeking documents regarding “Project Warrior,” Paramount’s internal code name for efforts to obtain regulatory clearance.
A Paramount spokesperson expressed pleasure that the Oregon Attorney General has withdrawn its motion to delay the transaction. The deal would combine two of Hollywood’s four major studios, and its outcome is being closely watched by the entertainment industry.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
