NATIONWIDE — FOLLOWING A FEDERAL JUDGE’S restraining orderon Monday to halt an $81 million Paramount/Warner Brothers Discovery merger, New York Attorney General Letitia James praised the ruling.
James is part of a 12-state coalition suing to block Paramount’s pending buyout of Warner — alleging that such a combination would “extinguish competition” in Hollywood and lead to fewer choices for consumers. Both Paramount and Warner Brothers are headquartered in New York and are registered in Delaware. California is the lead state in the lawsuit.
The temporary restraining order that District Judge Araceli Martínez-Olguín granted the plaintiffs could lead to a preliminary injunction to effectively block the merger, which would combine two of Hollywood’s five major film studios and two of the five major basic cable companies.
“This lawsuit is about a simple fact: when one company controls a massive share of our film and television industries, workers, artists, businesses, and consumers suffer, said Attorney General James. “Paramount’s unlawful merger with Warner Bros. would mean more expensive theater tickets, higher cable bills, fewer opportunities for workers, and fewer original stories shared with audiences across the country.”
The U.S. Department of Justice on June 12 decided to approve the merger, despite widespread concern within the entertainment industry, The Associated Press reported at the time.
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