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$110 billion is the stated valuation on the proposed merger of Paramount and Warner Bros. Discovery, a deal that would join two of the nation's largest media companies.
Twelve states have filed suit to block it, posing a new challenge to a transaction of this scale. The breadth of the coalition matters.
Twelve states acting in concert signals organized, multi-jurisdictional opposition with independent legal authority to run on a separate track from federal review.
That dynamic means deal parties cannot wait out one set of regulators while the other resolves. Discovery are each among the largest media operations in the United States.
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