California Attorney General Rob Bonta said Friday that the proposed Paramount Skydance-Warner Bros. Discovery merger “is not a done deal,” hours after the Department of Justice (DOJ) approved the multi-billion-dollar acquisition, removing any federal antitrust hurdle.

Newsweek has reached out to the California attorney general’s office for comment via email on Saturday night.

What Bonta Can Do About the Merger

In an X post on Friday night, Bonta wrote that “the merger of Warner Bros and Paramount is not a done deal and remains under investigation by my office.”

His post came hours after the DOJ closed its probe into the media merger after an antitrust investigation determined it is not likely to harm competition or consumers.

California's attorney general has the authority to investigate the merger under state and federal antitrust laws, despite the DOJ’s approval of the deal. If the office determines the transaction would harm competition, it could seek to block the merger in court or ask a judge to halt the deal while litigation proceeds.

If Bonta does sue, the merger could be delayed for months.

California could also pursue remedies, which could alter the conditions of the deal, or coordinate with other states on a joint challenge, which can increase pressure. In March, Bonta told Deadline there was “interest from other states” about a potential multistate action against the merger.

The challenge would not be unprecedented. In March, Bonta led a multistate antitrust lawsuit seeking to block Nexstar Media Group's acquisition of Tegna, arguing the deal would reduce competition and harm local journalism.

Paramount Skydance and Warner Bros. Discovery reached an estimated $111 billion merger agreement in February, setting off months of antitrust and regulatory review. The deal would combine Paramount Pictures, CBS, HBO, CNN, Warner Bros. Pictures, and the streaming platforms Paramount+ and Max. At that time, Bonta released a statement saying, “Further consolidation in markets that are central to American economic life does not serve our economy, consumers, or competition well. In fact, consolidation of markets has led to increased unaffordability, a loss of good-paying job opportunities, and fewer choices for consumers.”

He continued: “The film and entertainment industry in California not only has historical importance to our state, it also is a critical sector that buoys the state's economy of California and touches the lives of Americans daily. The proposed Warner Brothers transactions must receive a full and robust review, and California is taking a very close look. We are committed to fighting market consolidation that we find unlawful.”

What Did the DOJ Say About the Merger?

Federal regulators said on Friday that “based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers,” with respect to streaming, linear television, and studio development, production, and distribution.

“Over the course of a rigorous eight-month investigation led by the Division’s career staff, the Division received from the Parties over two million documents from over 80 custodians, substantial productions of data, as well as extensive documents, data, and advocacy from third parties across the media and entertainment ecosystem,” the DOJ said in a press release.

The department concluded: “These investigative efforts all led to the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is not likely to harm competition or American consumers.”

However, critics of the deal across Hollywood say it would concentrate even more market power among a small number of media conglomerates, raising concerns about competition and consumer choice, as well as mass employment cuts.

Despite DOJ approval, the merger remains under review overseas. The European Commission has set a July 7 deadline for its decision, while United Kingdom regulators are expected to complete their review in August.

The merger must be completed by September 30, otherwise Paramount Skydance would have to pay shareholders a certain fee. Paramount completed a multi-billion-dollar merger with Skydance Media last year.

What Has President Trump Said About the Merger?

President Donald Trump previously commented while negotiations were happening at the time between Netflix, Paramount and Warner Bros. He told reporters last December that Netflix's proposal “could be a problem” due to the size of the combined market share.

“There’s no question about it,” he said.

One day later, Trump said he “didn’t know anything about the deal.”

The president also said, “None of them are particularly great friends of mine,” but added, “I want to do what’s right.”

Trump also has a close relationship with the Ellison family, and David Ellison is the CEO of Paramount Skydance. His father, Oracle founder Larry Ellison, is contributing billions of dollars to back the bid.

Did Netflix Offer to Buy Warner Bros.?

Last year, Warner Bros. was working with Netflix on a $72 billion studio-and-streaming deal. Paramount then presented a bid to acquire the entire company, including the cable business that Netflix didn't want. The three companies spent months fighting publicly over who had presented the better offer. Netflix announced in February it would not raise its proposal, and the deal was "no longer financially attractive."