India, July 13 -- A coalition of 12 U.S. states has filed an antitrust lawsuit seeking to stop Paramount Skydance Corporation's (PSKY) proposed acquisition of Warner Bros. Discovery, setting up a major legal challenge to the media merger despite its approval by the U.S. Department of Justice.
The lawsuit, filed in the U.S. District Court for the Northern District of California, argues that the deal would reduce competition, increase prices, lower the quality of entertainment and lead to fewer films and television shows being produced.
California Attorney General Rob Bonta said the merger would harm consumers and the broader media industry by concentrating too much market power.
The states involved are California, Arizona, Colorado, Conne...