A California federal judge scheduled a 12-day trial early next year in a pair of lawsuits seeking to block Paramount Skydance Corp.'s $110 billion proposed acquisition of Warner Bros. Discovery Inc.
In an order Tuesday, US District Judge Araceli Martnez-Olgu in Oakland, California, said she will hear cases brought separately by a group of states and the Writers Guild of America in a single trial starting March 2, 2027. Both lawsuits allege that allowing the media companies to combine operations would hurt competition in film and television production and distribution.
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Paramount said in a statement that it believes the merger is "lawful, pro-competitive, and raises no antitrust concerns." On a conference call with analysts on Tuesday, Chief Executive Officer David Ellison said he would consider some sort of settlement.
"We're absolutely open to finding a solution out of court, but we also really believe that we will win at trial," he said.
Paramount had sought a trial in November in the hopes of minimizing the cost of delays in the closing the transaction. Under the merger agreement, the company agreed to pay roughly $7 million a day to Warner Bros. shareholders beginning Oct. 1, until the deal is finalized. That could total more than $1.6 billion by June.
The companies have until June 4 to close the deal, according to the merger agreement, before either side can back out. If the deal is abandoned at that time, Paramount will owe $7 billion to Warner Bros.
ALSO READ: UK Govt May Intervene In Paramount's $110 Billion Warner Bros Discovery Deal
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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