“Not A Done Deal”: California AG Warns Paramount + WBD Merger Far From Certain

California Attorney General Rob Bonta warned that the potential merger between Paramount and Warner Bros Discovery is far from certain in Sacramento this week, following news that Netflix had dropped out of bidding for WBD's studio and streaming assets, as the California Department of Justice maintains an open investigation into the Hollywood mega-merger. "Paramount/Warner Bros is not a done deal," Bonta told Deadline, emphasizing that the two entertainment giants have yet to clear regulatory scrutiny. The Golden State's top lawman stressed that his office intends to be "vigorous in our review" of the proposed merger, which would combine two major Hollywood studios and streaming platforms. This cautionary statement comes despite celebratory reactions at Paramount over David Ellison's successful bid for Warner Bros Discovery, with industry observers noting that regulatory hurdles often prove more challenging than initial acquisition negotiations. The California AG's intervention adds significant uncertainty to what had been shaping up as one of the largest media mergers in recent years, potentially reshaping the entertainment landscape if approved.