- A federal judge ordered Paramount and Warner Bros. Discovery to pause their $81 billion merger for at least 14 days while states' antitrust challenges move forward.
- Twelve states, led by California, say the deal would "extinguish competition" in Hollywood and harm consumers across streaming, movies and cable.
- The merger would combine big assets (HBO Max, Paramount+, CNN, "Harry Potter," "Top Gun") — and delays could trigger costly "ticking fees" (about $7M per day), adding pressure to close.
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