Paramount’s $7M-a-Day Clock Ticks as Warner Bros. Merger Trial Slated for 2027
Paramount could be on the hook for payments from October until it signs the Warner Bros. merger deal — a pricey nudge to hurry things along?
The court has finally put dates on the calendar — and they collide with a costly “ticking fee” baked into the merger agreement. Under a new scheduling order, Paramount could owe Warner Bros. Discovery shareholders $7 million per day starting October 1, 2026, until the deal closes, a clock that would keep running well into 2027 if the case stretches on.
Judge Araceli Martinez-Olguin set the antitrust trial to begin March 2, 2027, and run for 12 court days through March 19. A final pretrial conference is set for February 24, 2027. The court also ordered both sides to file key pretrial materials by noon on August 13, 2026.
Trial clock vs. ticking fee
Paramount had asked in July to get the antitrust trial on the calendar for November, while the coalition suing to block the merger pushed for April 2027. The judge split the difference — but the timeline now overlaps with the per-day payment that starts this fall. Based on the schedule, that daily fee could add up to nearly $1.2 billion before the trial even starts if the deal hasn’t closed.
- Ticking fee: $7 million per day to Warner Bros. Discovery shareholders
- Fee start date: October 1, 2026
- Trial dates: March 2–19, 2027 (12 court days)
- Final pretrial conference: February 24, 2027
- Filing deadline: August 13, 2026 (by noon)
The lawsuit challenging the merger was filed in July by a coalition of 12 state attorneys general led by California Attorney General Rob Bonta. The Writers Guild of America has also sued to block the deal. Supporters argue the combination could stabilize two legacy media companies; critics warn it would mean fewer greenlights and job losses.
Hollywood reaction
On the red carpet at the New York City premiere of Lioness Season 3, Zoe Saldaña urged people to tune out online noise and do their homework on what the merger would actually mean.
“If there's noise to not listen to, it's the trolling noise. It's doing the research on your own and trying to educate yourself and understand why something works and why it doesn't before we jump on a headline or a sound bite and we amplify a very negative message that can actually become harmful,” she told Variety.
Other high-profile voices have lined up against the merger. Several actors signed a letter opposing it, and some have pressed officials to scrutinize the deal even more closely.
- Emma Thompson — signed a letter opposing the merger
- Javier Bardem — signed a letter opposing the merger
- Benedict Cumberbatch — urged the U.K. government to take a stand
- Alan Cumming — urged the U.K. government to take a stand
As the legal fight moves forward, the court’s next hard stop is the paperwork: both sides must submit their filings before noon on August 13, 2026.