California Attorney General Warns Paramount That Warner Bros. Discovery Acquisition is ‘Not a Done Deal’

California Attorney General Rob Bonta warned Paramount Skydance and Warner Bros. Discovery on Thursday evening, February 26, 2026, that their multi-billion dollar acquisition deal is 'not a done deal' as he promised to conduct a 'vigorous' review of the merger, cautioning the Hollywood giants against celebrating before clearing regulatory scrutiny with the California Department of Justice's ongoing investigation. The statement from Bonta comes amid reports that Paramount Skydance has secured the acquisition of Warner Bros. Discovery after Netflix bowed out of the bidding war. The California Attorney General's intervention highlights the significant regulatory hurdles that still face the merger, which would combine two of Hollywood's most influential entertainment companies. Bonta emphasized that while the companies may be moving forward with their plans, the legal process must be thoroughly examined to ensure it doesn't violate antitrust laws or harm consumers. The acquisition would create one of the largest media conglomerates in the world, combining Paramount's vast library of content with Warner Bros. Discovery's extensive holdings. However, such mergers typically face intense scrutiny from regulators concerned about market concentration and potential monopolistic practices. The California Department of Justice's investigation is particularly significant given the state's influential role in entertainment industry regulation and its history of taking aggressive stances on corporate mergers that could affect consumers.