Under investigation

N.D. Cal. case No. 4:26-cv-07116-AMO, Order Granting Motion for Temporary Restraining Order: Paramount Skydance / Warner Bros. Discovery

The United States District Court for the Northern District of California issued an order in the challenge to Paramount Skydance's acquisition of Warner Bros. Discovery on 20 July 2026 (case No. 4:26-cv-07116-AMO, Order Granting Motion for Temporary Restraining Order).^[1]

Judge Araceli Martínez-Olguín temporarily restrained Paramount and Warner Bros. Discovery from closing or integrating, finding serious questions on the merits in wide-release theatrical film distribution. A temporary restraining order is not a final prohibition, which is why this is not recorded as a block.

Decision facts

Regulator: United States District Court for the Northern District of California (US)
Case number: No. 4:26-cv-07116-AMO, Order Granting Motion for Temporary Restraining Order
Decision: Under investigation
Decided: 20 July 2026
Legal basis: Section 7 of the Clayton Act (merger challenges by government or private plaintiffs); injunctions under Federal Rule of Civil Procedure 65

Remedies

behavioural — Closing and integration of the two companies restrained pending a preliminary injunction hearing.

The deal under review

Acquisition announced Announced 27 February 2026

Paramount Skydance acquires Warner Bros. Discovery

Paramount Skydance agreed to buy Warner Bros. Discovery for $31.00 a share in cash, which the companies put at $81 billion in equity value and $110 billion in enterprise value. It would combine the Paramount and Warner Bros. film studios, CBS and CNN, and HBO Max with Paramount+. Warner Bros. Discovery shareholders approved it on 23 April 2026 and the European Commission cleared it in July 2026.

Value: $110bn
Buyer: Paramount Skydance
Seller: public shareholders
Regulatory: Cleared; Cleared with remedies; Cleared; Cleared with remedies; Under investigation; Under investigation; Under investigation

Sources (1) & corrections

Last verified 20 July 2026. Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.

[1] Order granting motion for temporary restraining order, State of California et al. v. Paramount Skydance Corp. et al. — United States District Court for the Northern District of California, Court filing, published 20 July 2026; retrieved 16 September 2026.

Report a correction Opens a pre-filled GitHub issue. See our corrections policy.