what to watch for
Judge Araceli Martinez-Olguin, who temporarily blocked Paramount’s merger on Monday after ruling states raised “serious questions” about whether the takeover violated antitrust law, scheduled a hearing for Aug. 3. Martinez-Olguin may issue a more lasting order that could further pause the deal, potentially keeping the merger on hold indefinitely as litigation moves forward.
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big number
$7 million. That’s how much Paramount agreed to pay each day if its deal for Warner Bros. fails to close by Sept. 30, amounting to about $650 million per quarter. Paramount would also pay a $7 billion termination fee if the deal falls through because of regulatory issues.
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This is a developing story.