California AG Warns Paramount on Warner Bros. Discovery Deal

State vows 'vigorous' review of proposed acquisition

Published on Feb. 27, 2026

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California Attorney General Rob Bonta has warned Paramount that the proposed acquisition of Paramount Skydance by Warner Bros. Discovery is "not a done deal" and that the state will conduct a "vigorous" review of the transaction.

Why it matters

The acquisition would combine two major entertainment companies, raising antitrust concerns that the California Attorney General's office is seeking to address through a thorough investigation of the potential impacts on competition and consumers.

The details

Bonta stated that his office will closely examine the deal to ensure it does not harm competition or consumers in California. The review will look at factors such as the combined company's market power, its impact on pricing and consumer choice, and any potential job losses or other negative effects.

  • The proposed acquisition was announced in February 2026.

The players

Rob Bonta

The Attorney General of the state of California.

Paramount Skydance

A subsidiary of Paramount Pictures that is the target of the proposed acquisition.

Warner Bros. Discovery

The media conglomerate seeking to acquire Paramount Skydance.

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What they’re saying

“We will conduct a vigorous review to ensure this proposed acquisition does not harm competition or consumers in California.”

— Rob Bonta, California Attorney General

What’s next

The California Attorney General's office will continue its investigation into the proposed acquisition, with a focus on potential antitrust concerns, before deciding whether to approve or challenge the deal.

The takeaway

This case highlights the increasing scrutiny that major media mergers are facing from state-level regulators, who are seeking to protect competition and consumer interests in their local markets.