Paramount deal wins 68 approvals, stalled by US lawsuit

Paramount said regulators in 68 jurisdictions have approved its proposed acquisition of Warner Bros. Discovery, a milestone the company described as clearing the final major regulatory barrier outside the United States.

Despite those approvals, officials said the transaction cannot move to closing because it is temporarily blocked by a US lawsuit filed by 12 state attorneys general. Officials said the case has already led to a temporary injunction that prevents the final transfer of ownership while the litigation remains active.

Overseas clearances vs. a US court-ordered pause

According to the company According to the company, the approvals span competition and foreign investment reviews across multiple jurisdictions. Officials said those clearances create the required conditions for closing if the US legal block is resolved. Officials said the US injunction is the gating issue, meaning the merger cannot be completed even though regulatory processes outside the United States have resulted in consent. The lawsuit challenges aspects of the merger process, according to officials. What investors are watching next Market reaction was described as pending as equity markets absorb the conflicting signals: broad regulatory acceptance abroad alongside a legal constraint in US courts. Officials and the company framed the near-term path as dependent on how quickly the US legal process moves.

Warner Bros

The company said that if the court lifts the injunction, the transaction could close quickly. In that scenario, equities linked to the two firms would likely trade on expectations around integration and synergy prospects, according to the company’s description of market sensitivity.

Delay risk if the injunction remains in place

Officials said that if the injunction holds, closing would be delayed. The company said prolonged uncertainty could prompt investors to reprice the companies as the timetable extends.

Officials said the temporary injunction is directly tied to the lawsuit brought by the 12 state attorneys general, and that the ownership transfer cannot be finalized while the case continues. As a result, the timing of any closing remains uncertain even after approvals in 68 jurisdictions.

Timeline focus: a court scheduling decision Market participants are watching for a court scheduling decision within 30 days, which the company said will help determine whether closing can move forward. Until then, the company’s reported regulatory progress abroad does not remove the operational constraint created by the US court action.