Paramount quarterly profit falls amid bruising merger battle

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Set us as preferred Paramount Skydance must wait until March to defend its proposed $111-billion acquisition of Warner Bros.Discovery — a blockbuster deal that would reshape Hollywood by uniting two storied studios.

On Tuesday, U.S.District Judge Araceli Martínez-Olguín scheduled a March 2 trial to decide the merits of an antitrust challenge brought by 12 state attorneys general, led by California Atty.

Gen.Rob Bonta.

The states are teaming up to try to derail Paramount’s merger, and have snared preliminary victories — prompting a concession from Paramount to put the merger on hold until after the trial.Paramount had asked for a Nov.

4 trial date.Tech scion David Ellison wants to add HBO, CNN, HGTV, Food Network and the Warner Bros.

studio to his smaller stable of Paramount properties.The trial will span 12 days and conclude March 19, the judge wrote in her order.

“We will continue to vigorously defend the transaction and remain committed to closing as soon as possible so its benefits for the creative community and consumers can be realized,” Paramount said in a statement.The Writers Guild of America has separately sued to block the merger.Hollywood Inc.

California Atty.Gen.

Rob Bonta and 11 other state attorneys general expressed concern that the industry-reshaping deal could spell doom for movie theaters.Friday marks the one-year anniversary of Ellison’s purchase of Paramount.“Looking back on the past twelve months, I’m incredibly proud of how our team has turned those priorities into measurable progress, reflecting their talent, hard work, and dedication,” Ellison wrote in a Tuesday letter to shareholders as the company released its second-quarter earnings.Results were mixed.

Revenue inched up 1% to $6.91 billion compared to the year-ago period, when Paramount was controlled by media heiress Shar...