California considers hiring Milbank lawyers for multistate antitrust challenge to PSKY’s $110B bid for WBD

California is in talks with attorneys at Milbank LLP about helping lead a potential multistate antitrust lawsuit challenging Paramount Skydance’s (PSKY) proposed $110B acquisition of Warner Bros. Discovery (WBD). The move signals a material escalation in regulatory resistance, raising uncertainty over whether the deal can win approval at both the U.S. Justice Department and state levels. As the direct deal targets, PSKY and WBD could face pressure from a shrinking merger premium, higher financing costs and softer expectations for integration.