Paramount Skydance and a coalition of state attorneys general have reached a joint stipulation to postpone the $111 billion Warner Bros. Discovery merger until after an antitrust trial or June 1, 2027. The agreement averts an immediate court battle over a preliminary injunction while antitrust challenges proceed.
裁判所への共同合意と差し止め命令の回避
The company entered a joint stipulation in the federal case on Friday afternoon agreeing not to close the $111 billion transaction until five days after a trial is held or June 1, 2027, whichever is earlier. No trial date has been set, but the agreement likely puts the merger on hold for at least several months. A coalition of 12 states, led by California, obtained a temporary restraining order earlier this week that blocks the merger from closing for 28 days, pending the outcome of motion for a preliminary injunction.
各州検事総長による反対姿勢と裁判の行方
The states allege that the deal will reduce competition in the cable and theatrical markets, and should be blocked. Last month, California and 11 states sued to block Paramount’s acquisition of Warner Bros. Discovery, alleging the deal would lessen competition in film distribution and cable television, harming theaters and pay TV distributors. States including New York, Arizona and Minnesota argued the deal would harm theaters and television distributors, raise prices for consumers and make wages less competitive for workers.
ニューヨーク州検事総長のLetitia James氏は、裁判手続きが進められる間この合併を一時停止させることは、法を遵守し映画およびテレビ産業を保護するための取り組みにおける重要な勝利であると述べた。
カリフォルニア州検事総長のRob Bonta氏は、この違法な合併に対する同氏らの主張は至ってシンプルであり、アメリカ人の生活の中心となる市場において少数の企業が過大な権力を持つと、価格が引き上げられ、状況が悪化すると述べた。
Rob Bonta氏はさらに、本日の合意は聴衆、映画館、そして私たちの多くが楽しむ芸術、ニュース、エンターテインメントを執筆、構築、創造する多くの人々にとって素晴らしいニュースであると述べ、私たちの訴えを法廷で続け、この不当な合併が日の目を見ないようにするための取り組みにおいて再び圧倒的な勝利を祝うことを楽しみにしていると付け加えた。民主主義擁護基金の共同創設者であり「合併阻止」キャンペーンのメンバーでもあるNorm Eisen氏も、この合意をこの取引に対する草の根の反対運動の勝利として歓迎した。同氏は、エリスン家はトランプ大統領との関係を利用すれば、民主主義、表現の自由、独立したジャーナリズムを脅かす破滅的な取引を強行できると信じていたが、「合併阻止」キャンペーンに加わる私たちによって彼らが間違っていることが証明されたと述べた。また、この集団的な抵抗が形勢を逆転させつつあると語った。
Paramount側の見解と今後のスケジュール
Paramount had been keen to close the deal before Sept. 30, when it will begin to incur a $7-million-a-day “ticking fee” to be paid to Warner Bros. investors. The agreement is a tacit acknowledgement that that will not happen, barring a settlement with the states. Paramount previously sought a three-day hearing on the injunction motion in late August, hoping to win the judge’s blessing to close the deal sometime in early September. But the states resisted that idea, saying they would need more time to take discovery and prepare for a full trial on the merits. The states were due to file their injunction motion on Thursday night, but held off as the two sides held discussions on a path forward.
In a statement, the company said the agreement is a significant win.
Paramountの広報担当者は、本日の合意は当初から求めていた結果、すなわち証拠に基づいた裁判への直接的な道筋そのものであるため、重大な勝利であると述べた。同担当者はさらに、これは本件取引が競争、消費者、そしてクリエイターにとって有益であることを証明するための最も迅速かつ明確な方法であり、世界中の数十もの競争当局がすでに到達している結論であると述べ、原告側の市場の定義は今日の市場の現実とは何ら関係がなく、精査に耐えられないとして、法廷で自らの正当性を証明することを楽しみにしていると付け加えた。
A hearing was scheduled for Aug. 3 in federal court in Oakland, at which point the two sides were expected to argue over the injunction motion. The two sides agreed to cancel that hearing. U.S. District Judge Araceli Martinez-Olguin approved the joint stipulation on Friday afternoon, about an hour after it was entered. The Writers Guild of America filed its own motion for an injunction earlier this week, which was also set to be heard on Aug. 3. That motion has been withdrawn, as Paramount has effectively conceded that it will not close the deal until a determination of the merits of the antitrust claims. The parties also agreed to submit a joint stipulation by July 31 on their respective positions on trial scheduling. The states previously proposed to hold the trial in April 2027.