Department of Justice supports Paramount request for state bond in merger case
The Department of Justice filed a statement on Tuesday supporting Paramount's request that twelve states post a bond while blocking the Warner Bros. merger.
Justice Department backs studio claim
Federal prosecutors argued that the coalition of states must provide financial security to continue their legal challenge. The government stated these entities are acting as private persons rather than federal regulators in this specific lawsuit. Paramount seeks compensation for losses estimated at $1.88 billion if the merger is eventually approved.
States face bond requirement
Judge Araceli Martinez-Olguin will consider whether to order the states to post the requested amount before proceeding with a trial. The twelve-state group led by California filed their suit in July to stop the transaction from reducing market competition. A hearing on this motion is scheduled to take place before the main trial begins in March.
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