00:00It's Benzinga bringing Wall Street to Main Street
00:02California, New York, and other U.S. states are preparing a lawsuit to block Paramount's
00:07$110 billion acquisition of Warner Brothers, with the filing expected in the coming weeks,
00:12according to Reuters. California Attorney General Rob Bonta has led the charge among
00:17states concerned about the deal, criticizing what he called Trump's abdication of federal
00:22antitrust agencies. Warner Brothers' shares fell 3.6% Friday after Reuters reported the news,
00:29while Paramount's shares dropped 6.7%. Paramount has agreed to pay shareholders around $6.9 million
00:35per day, starting in October, if the deal has not closed. The U.S. Department of Justice is
00:41expected to reach a decision soon after sending subpoenas in late March. Paramount defended the
00:46deal as pro-competitive, pledging to maintain both studios and produce at least 30 theatrical films
00:51annually. Actors, writers, and theater owners have criticized the merger, arguing it will cause
00:56job losses and reduce the number of films available to cinemas. For all things money, visit Benzinga.com.
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