California Atty. Gen. Rob Bonta and Paramount Skydance are now fighting over the calendar that could decide how fast, or how slowly, Paramount can close its nearly $111-billion takeover of Warner Bros. Discovery. On Friday, Bonta and 11 other Democrat attorneys general asked U.S. District Judge Araceli Martínez-Olguín to set a two- to three-week antitrust trial for April 5, 2027, while Paramount said it wants the case to begin on Nov. 4.
The date matters because every month of delay adds to what Paramount owes Warner shareholders. The company agreed to pay a ticking fee of $.25 per share per quarter beginning Oct. 1, a cost that rises by about $650 million every quarter, or roughly $7 million a day, until the deal closes or dies. Paramount also agreed to pay Warner shareholders at least $31 a share, so a longer wait pushes the price higher even before the trial starts.
That is why David Ellison wants the case moving. He is trying to bring, HBO and the Warner Bros. film and television studios under Paramount as soon as possible, and the U.S. Justice Department approved the merger last month. But state attorneys general are still pressing an antitrust case that could stop the deal, and the Writers Guild of America has joined the litigation, keeping the pressure on Judge Martínez-Olguín as she decides which date to choose.
Paramount said its November request gives both sides enough time to conduct discovery, gather evidence and prepare for trial, calling the states’ push for 2027 nothing more than a stonewalling tactic. Bonta sees it differently, and the split leaves Ellison facing a simple but costly clock: either the court moves quickly, or Paramount keeps paying for the privilege of waiting.
The market has already started to price in that uncertainty. Paramount stock ended the trading week at $7.96, down nearly 40% since early January and about 20% since the beginning of July, while Warner shares rose 3.3% on Friday to $26.30. For Ellison, the next step is no longer about the merger’s ambition. It is about whether Martínez-Olguín chooses April 5, 2027, or Nov. 4, and how much the deal costs while he waits.
