Paramount–WBD Merger Paused by Federal TRO as September Ticking-Fee Deadline Looms

Judge Araceli Martínez-Olguín imposed a 14-day TRO pausing the Paramount–Warner Bros. Discovery merger, finding states "persuaded" it likely violates antitrust laws. A preliminary injunction hearing is set for August 3rd. If the deal hasn't closed by September 30th, Paramount owes WBD investors millions in ticking fees, meaning each procedural delay raises Paramount's cost of proceeding.