Paramount and Skydance meet 12 AGs in Oakland over $111B merger

Paramount Pictures and its co‑owner Skydance Media are set to meet with a coalition of twelve state attorneys general for a two‑day settlement conference in Oakland, California. Judge Thomas S.

Hixson, a federal magistrate, ordered the parties to sit down at 10 a.m. PT on the last weekend of October to discuss potential remedies for the $111 billion merger between David Ellison’s companies and Warner Bros.

Discovery. The meeting follows a virtual hearing earlier in the week where attorneys and assistant AGs confirmed the dates.

The settlement conference does not signal that a deal has been reached. , the court‑ordered meeting is “standard practice for a case of this magnitude” and does not indicate progress toward an agreement. The trial on Paramount’s antitrust challenge is still scheduled to begin on March 2, 2027, regardless of the October talks.

This week’s scheduling also comes after a canceled August session that was shelved amid accusations that details had been leaked to the media.

Paramount has denied those claims, and a spokesperson said the company “continues to remain open to working constructively with plaintiffs on a speedy resolution” so that the transaction can close and deliver its pro‑competitive benefits.

## Background & Context

The dispute centers on David Ellison’s proposed merger of his companies with Warner Bros. Discovery, a deal valued at $111 billion.

A coalition of twelve state attorneys general—Arizona, California, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington—has filed antitrust complaints against the merger. The Writers Guild of America has also joined the litigation.

The parties argue that the consolidation would stifle competition and harm creators and consumers.

The federal court process required a virtual hearing on Monday before Magistrate Judge Hixson to set a schedule for the settlement conference. During that hearing, attorneys from both sides and assistant AGs dialed in to discuss logistics.

Judge Hixson instructed all parties to submit a proposed agenda by the end of day September 15, warning that the conference must remain focused and not be sidetracked by unrelated matters.

A separate antitrust action filed on July 13 by the blue‑state coalition faced a Supreme Court of September 25 for responses from red states Iowa and Montana. That is one day before the blue states are to argue before a federal judge in Oakland about Paramount’s $1.88 billion bond request.

The timing of the settlement conference—scheduled for late October—comes after these overlapping procedural deadlines.

## What People Are Saying

Rob Bonta’s office emphasized that the court‑ordered conference is routine and does not imply any settlement progress. “A court‑ordered settlement conference means the judge required both sides to meet, but it does not indicate a settlement is in progress,” the office said on Friday.

This statement was shared with in a brief office communication.

Paramount’s spokesperson, speaking to after Judge Hixson’s order, described the company’s position as “open to working constructively with plaintiffs.” The spokesperson added that Paramount aims to “close the transaction and deliver its pro‑competitive benefits to creators and consumers alike.” These remarks come after Paramount denied allegations that it had leaked details of preliminary conversations to the media.

The August meeting had been canceled following Bonta’s accusations that information about the agenda setting was shared with reporters.

Paramount has repeatedly contested those accusations, asserting that it did not share any details prematurely. received information about the August 21 agenda setting from multiple sources, but no confirmation was made by either party regarding the content of those meetings.

## What Happens Next

The two‑day settlement conference will begin at 10 a.m. PT on the final weekend of October, with both sides expected to negotiate potential remedies that could affect the merger’s structure or conditions. The parties have been instructed to submit a detailed agenda by September 15 to ensure the talks remain productive.

If the conference yields an agreement, it would need to be reviewed by the judge and could potentially alter the timeline of the upcoming trial slated for March 2027. Conversely, if no settlement emerges, the trial will proceed as scheduled, and both sides will prepare for a formal judicial review of the merger’s antitrust implications.

Meanwhile, at the end of September a daily “ticking fee” of $7 million will begin to accrue for Warner Bros. Discovery shareholders who are unhappy with Paramount’s position. This fee is part of Paramount’s protest against what it calls “extraordinary losses” tied to the court case and the 2027 trial start date.

The fee could amount to over $635 million a quarter, a significant cost that underscores the stakes for all parties involved.

In short, the Oakland settlement conference represents a pivotal moment in a complex litigation that balances corporate strategy, state‑level antitrust enforcement, and industry‑wide competition concerns.

The outcome of the October talks will shape the trajectory of the merger and determine whether a negotiated resolution can precede the formal trial in 2027.