Ellison, for his part, said he was “pleased” that the Warner Bros. board “affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty, and speed to closing.”
The proposed Paramount-Warner Bros. merger still must receive regulatory approval in the US and Europe. Critics have voiced concerns about the legitimacy of a US Justice Department review given the recent ouster of antitrust chief Gail Slater.
State attorneys general could also intervene. Rob Bonta, the attorney general of California, emphasized in a statement that “Paramount/Warner Bros is not a done deal.”
“These two Hollywood titans have not cleared regulatory scrutiny—the California Department of Justice has an open investigation, and we intend to be vigorous in our review,” said Bonta.
On top of antitrust concerns, critics of the potential Paramount-Warner Bros. merger warned it would be a disaster for journalism and free expression. David Ellison acquired CBS News last year through the Paramount-Skydance merger approved by the Trump administration, and he is now poised to take over CNN, HBO, and other major platforms.