Paramount Skydance has postponed its planned merger with Warner Bros. Discovery until June 1, 2027, citing a wave of lawsuits, according to Variety.
Opposition to the deal came from 12 American states, the writers' guild, and prominent Hollywood filmmakers including David Fincher and Denis Villeneuve. The U.S. Department of Justice had separately approved the transaction.
Paramount had offered $111 billion for Warner Bros. Discovery earlier this year, outbidding Netflix, which had put forward $82.7 billion.
Paramount CEO David Ellison had committed to closing the deal by September 30. With that deadline now in jeopardy, he is obligated to pay shareholders compensation of around $7 million per day for any further delays.
