Paramount/Warner Merger to Go to Trial in March 2027; Learn More

The judge overseeing the lawsuit filed by 12 U.S. states to block the $111 billion merger between Paramount and Warner Bros. Discovery has set the start of the trial for March 2027, in a setback for the studio, which had requested a November 2026 date.

The decision has direct financial consequences for Paramount. Starting October 1, the company will have to pay a daily fee of approximately $7 million to Warner shareholders until the deal is completed – which could result in a total cost exceeding $1.5 billion, considering the time needed for the court to issue a ruling on the antitrust case.

In a statement, a Paramount spokesperson said: "We respect the court's decision and continue to believe that a trial on the merits is the best and most direct way to prove what we have said from the beginning – this transaction is legal, pro-competitive, and does not raise antitrust concerns. The case against us is not grounded in facts, economics, or antitrust law. We will continue to vigorously defend the transaction and remain committed to closing it as quickly as possible so that its benefits for the creative community and consumers can be realized."

The trial will last 12 days, from March 2 to 19, 2027, with daily sessions. The final conference will take place in February, and both parties must finalize their briefs by early April.

With this schedule, Paramount risks running up against the so-called "deadline" of June 2027. If the deal is not closed by then, Warner may terminate the merger and charge a $7 billion fee.

Paramount's legal team is led by Beth Wilkinson – who successfully defended Microsoft in its acquisition of Activision Blizzard –, alongside Jeffrey Kessler and Paul Clement. The states are represented by Richard Parker and James Weingarten, of the law firm Milbank. Weingarten was the FTC's lead attorney in the case against Microsoft.

The lawsuit filed by the states adds to actions by the Writers Guild of America (WGA) and Paramount shareholders, putting the acquisition at a standstill. In an article in The New York Times, Paramount executive David Ellison said the merger has been politicized and that the states are primarily interested in preventing him from taking control of CNN.