Paramount is pushing for an accelerated antitrust trial as its proposed acquisition of Warner Bros. Discovery remains blocked by a legal challenge from a coalition of states.

The company wants the trial to begin in November 2026, while the attorneys general challenging the transaction are seeking an April 2027 start.

A federal judge has not yet issued a final decision on the trial schedule.

The disagreement over timing carries major financial consequences for Paramount.

Under the merger agreement, Warner Bros. Discovery shareholders are entitled to receive additional compensation when the transaction remains unfinished after September 30, 2026.

The payment is calculated daily and is worth approximately $7 million for each day the merger remains incomplete.

That means a lengthy court schedule could add hundreds of millions of dollars to Paramount’s acquisition costs before the case is resolved.

Paramount previously agreed to pause the transaction while the states’ lawsuit moves through federal court.

The pause can continue until June 2027 at the latest under the current agreement, potentially resulting in as much as approximately $1.7 billion in additional shareholder payments.

California and 11 other states filed the antitrust lawsuit in July.

The coalition argues that combining Paramount and Warner Bros. Discovery would reduce competition across film, television and other parts of the entertainment industry.

The states claim the merged company could gain enough market power to raise prices, reduce the number of productions available to consumers and damage competition among theatrical distributors.

Paramount rejects those arguments.

The company says the transaction would create a stronger competitor to large technology and streaming companies including Netflix and Amazon.

Paramount has also pledged to maintain a significant theatrical-release operation and says the combined business would create additional opportunities for viewers and creative talent.

The United States Department of Justice previously closed its own investigation into the merger.

The department concluded that the transaction was not likely to harm competition in streaming, linear television or theatrical film production and distribution.

That federal decision does not end the separate lawsuit brought by the states.

The state attorneys general are pursuing their own case and have asked the court to prevent the merger from closing while the antitrust challenge continues.

A federal judge previously said the states had presented compelling evidence that the combined company could control a substantial share of the wide-release theatrical distribution market.

The proposed transaction would place Warner Bros., HBO, HBO Max, CNN and other Warner Bros. Discovery properties under the same corporate ownership as Paramount Pictures, CBS, Paramount+ and additional Paramount assets.

Paramount chief executive David Ellison has continued publicly supporting the acquisition despite the legal and financial risks.

The company is reportedly preparing for trial while also considering possible settlement options that could allow the transaction to proceed.

California Governor Gavin Newsom has expressed concern that an extended legal battle or a blocked merger could affect employment across Hollywood.

However, the governor does not control the antitrust case, which is being led by California Attorney General Rob Bonta alongside the other participating states.

The merger agreement requires Paramount to pay a separate $7 billion termination fee if the transaction fails because of regulatory issues.

Warner Bros. Discovery shareholders previously approved the acquisition, which offers $31 in cash for each share alongside the additional ticking payments that begin after September 30.

The court’s decision on the trial schedule could determine how long Paramount must continue paying the daily fee and how quickly both sides receive a final ruling.

For now, the acquisition remains paused and its future depends on the outcome of the states’ antitrust challenge.