Paramount-Warner Bros. Discovery merger update: Stock prices react as 12 states sue to stop deal

The Hollywood mega-merger has hit a stumbling block after being approved by shareholders and the DOJ, but investors appear to be shrugging off the news. There’s no shortage of drama when it comes to the largest merger in Hollywood history. Earlier this year, Netflix dropped out of its bid to acquire Warner Bros. Discovery (WBD) after Paramount Skydance made an offer that was more attractive to WBD shareholders.