UPDATED with news conference underway: California Attorney General Rob Bonta is expected to reveal details of the settlement agreement between Paramount and 12 state attorneys general over the pending $111 billion merger with Warner Bros. Discovery at a scheduled 10 am news conference which you can watch above. Bonta has just arrived and the newser is underway.
The road to a resolution has been fraught. Bonta abruptly canceled a negotiation session with Paramount in late August after potential deal terms leaked. Talks restarted but tensions mounted over the nearing October 1 deadline for a $7 million a day ticking fee to WBD shareholders as the merger remained on hold.
Tensions rose as Paramount CEO David Ellison threatened to move Paramount out of California if the state didn’t ditch its effort to block the pending merger.
Four of the 12 attorneys general that took the David Ellison-run company to federal court recently broke with the Bonta-led faction that wanted to put the dispute to rest, at least for the time being. Along with the Golden State, the blue state coalition that sued Paramount and WBD back on July 13 is made up of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington.
Paramount and Warner Bros. Discovery announced in February a formal agreement to merge. It came after WBD jilted Netflix, saying it received a Superior Proposal from the David Ellison company.
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