Closing Timeline Extended Pending Regulatory Review
Paramount (NASDAQ:PSKY) has confirmed that it will not complete its proposed $110 billion acquisition of Warner Bros (NASDAQ:WBD) before 22 July, extending the expected closing timeline by at least another week as Oregon authorities continue reviewing the transaction.
The announcement follows action by the Oregon Attorney General’s office, which disclosed the revised timetable on Wednesday.
Oregon Seeks Additional Records
Oregon Attorney General Dan Rayfield’s office has asked a Multnomah County court to compel Paramount to provide further documentation and postpone completion of the transaction by 60 days to allow additional regulatory review.
State officials noted that Paramount had previously indicated the deal would not close before 16 July. During Wednesday’s preliminary court hearing, however, the company revised that commitment, extending the earliest possible completion date to 22 July.
European Review Also Remains Underway
The acquisition is also still being examined by European regulators.
Last week, Reuters reported that Paramount had proposed a series of remedies aimed at resolving competition concerns raised by the European Commission. Among the measures is the planned exit from its film distribution joint venture with Universal Pictures.
Following those proposals, the European Commission extended its decision deadline from 7 July to 22 July to allow additional time to evaluate the proposed commitments.