“We are confident the evidence will demonstrate that the State AGs’ antitrust arguments are without merit as their alleged markets and claims of anticompetitive effects are without any basis in modern market realities,” a spokesperson for Paramount said in a statement to TechCrunch. “This merger is lawful, pro-competitive, and will benefit consumers, creators, workers, and the entertainment industry. We will continue to vigorously defend the transaction and will look forward to the hearings on the substance of the State AGs’ action.”
Paramount CEO David Ellison had said in May that the transaction was on track to close by September. The legal roadblock has the potential to derail Paramount’s efforts to transform into a major competitor to companies like Netflix.
The proposed acquisition has received scrutiny from filmmakers, actors, and industry professionals who argued that the deal would reduce competition and further consolidate the U.S. media industry.
WBD did not immediately respond to TechCrunch’s requests for comment.
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