U.S. District Judge Araceli Martínez-Olguín issued a 14-day restraining order on the transaction Monday. Martínez-Olguín ruled that the two companies should not be allowed to finalize the deal, agreeing with a 12-state coalition (led by California) that merging the media behemoths would result in higher consumer prices, produce fewer movies and TV shows, and ultimately “substantially lessen competition.”
“Paramount and Warner Bros. will continue to operate as separate, viable companies competing in the marketplace while they wait for the Court to adjudicate this case,” Martínez-Olguín continued. “The balance of equities, combined with the public’s vital interest in antitrust enforcement, therefore tips sharply in favor of the requested injunctive relief.”
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