法官下令暂停派拉蒙与华纳兄弟探索合并交易

一名美国联邦法官下令暂停媒体巨头派拉蒙全球（Paramount Global）与华纳兄弟探索公司（Warner Bros. Discovery）之间价值约1100亿美元的合并计划，该禁令至少持续两周 12。这一裁决由美国联邦地区法官阿拉塞利·马丁内斯-奥尔金（Araceli Martínez-Olguín）于8月5日在纽约作出 2。

此次临时禁令源于由加利福尼亚州和纽约州等组成的12个州联盟提起的诉讼，加州总检察长罗布·邦塔（Rob Bonta）领导了该起诉行动 12。各州总检察长指控该合并将消除好莱坞市场的竞争并损害消费者利益，认为其违反反垄断法 2。法官在裁决中指出，公众对反垄断执法的利益超过了合并带来的短暂延迟影响 1。

作为回应，派拉蒙方面反驳称各州的反垄断论点缺乏现代市场现实的依据，毫无根据 2。派拉蒙强调，该交易已获得包括特朗普政府在内的监管批准 2。此外，派拉蒙承诺，若未在9月30日前完成交易，将向股东支付约700万美元/天的“ticking fee”（延期费） 2。

合并估值近1110亿美元（含债务），涉及HBO Max、CNN等资产的整合 2。下一次法庭听证会定于8月3日举行 2。

A U.S. federal judge has issued a temporary injunction pausing the proposed merger between media giants Paramount Global and Warner Bros. Discovery for at least 14 days 12. The ruling by U.S. District Judge Araceli Martínez-Olguín grants a request from a coalition of 12 states, which argue that the deal would suppress competition in Hollywood and harm consumers 12.

The legal challenge was led by California Attorney General Rob Bonta, with the coalition alleging that the merger violates antitrust laws 2. Judge Martínez-Olguín determined that the public interest in enforcing antitrust regulations outweighs the brief delay caused by the pause 1. The next court hearing regarding the case is scheduled for August 3 2.

The transaction, which involves integrating assets such as HBO Max and CNN, has been valued at approximately $110 billion to $111 billion, including debt 12. Some reports cite the equity value of the deal at $81 billion 2. If the merger is not completed by September 30, Paramount has agreed to pay a "ticking fee" of approximately $7 million per day to its shareholders 2.

Paramount has strongly contested the states' arguments, describing them as unfounded and disconnected from modern market realities 2. The company emphasized that it had already received regulatory approval for the deal, including support from the Trump administration 2.