Oregon AG asks court for 60-day pause on Paramount-Skydance bid for Warner Bros. Discovery

Oregon Attorney General Dan Rayfield said this week he will ask a Multnomah County court to delay Paramount Skydance’s proposed purchase of Warner Bros. Discovery for 60 days and order the company to turn over records tied to the state’s review. The request adds a new procedural hurdle to Paramount’s planned $110 billion media deal as several state attorneys general prepare a broader antitrust challenge. Rayfield’s office said on July 7 that Paramount had refused to comply with Oregon’s investigative demands. Paramount has also told Oregon it will not close the transaction before July 22, extending an earlier commitment not to close before July 16. ### What exactly is Oregon asking a judge to do? Rayfield’s office said it is filing a motion to require Paramount Skydance to produce documents related to the Oregon Department of Justice investigation and to prevent the company from closing the deal for 60 days. The state said the pause is needed so lawyers can review records and finish work on a multistate complaint challenging the merger. (doj.state.or.us) The Oregon Department of Justice said Paramount is “evading review” and has not complied with state law. NBC News reported that Rayfield planned to seek the order in Multnomah County court after saying the company had agreed only to hold off closing until July 16. (doj.state.or.us) ### Why is Oregon involved if other states are also preparing a case? CNN reported on July 8 that lawyers for several states were finalizing an antitrust lawsuit over Paramount’s pending acquisition of Warner Bros. Discovery. That broader case would challenge the transaction on competition grounds, according to people involved in the legal process cited by CNN. (doj.state.or.us) Oregon has taken a visible role in the pre-suit phase. Rayfield’s office framed its court request as part of a state investigation that is still gathering records while the multistate case is being assembled. Oregon’s Justice Department has also expanded its merger-enforcement capacity this year after the legislature approved 16 new positions to investigate monopolies and corporate consolidations. (finance.yahoo.com) ### What has Paramount said about the closing timeline? Paramount has said it will not close the Warner Bros. Discovery acquisition before July 22, according to Oregon’s office and later reports from TheWrap and Reuters syndication. That pushed the timeline back by at least another week from the earlier July 16 date cited by Oregon and NBC News. (doj.state.or.us) TheWrap reported that European regulators are still reviewing the transaction. Oregon’s office has separately argued that the company has not given the state enough time or information to complete its own review before closing. ### What is the practical fight over right now? The immediate dispute is over records and time. (thewrap.com) Oregon says it needs documents from Paramount Skydance to assess the merger and finish preparing legal claims with other states, while Paramount has so far only committed to a short delay in closing. The larger antitrust case has not yet been filed, but Reuters reported on July 8 that states concerned the deal could hurt competition might sue as soon as next week. That means the current Oregon motion could become the bridge between the state’s document fight and a broader attempt to block the acquisition. (doj.state.or.us) ### What happens next, and when? July 22 is the next concrete date in the dispute because Paramount has said it will not close before then. Before that date, Rayfield’s office is expected to press its motion in Multnomah County court, and lawyers for multiple states are still finalizing their antitrust complaint, according to Oregon’s statement, NBC News and Reuters reporting. (doj.state.or.us) (money.usnews.com)