Twelve US states want to stop Paramount Skydance from buying Warner Bros. Discovery for $110 billion.

美國有十二個州希望阻止 Paramount Skydance 以 1,100 億美元收購 Warner Bros. Discovery。

California and other states went to court. They say the deal is bad for competition. One big company will control too many movies and TV channels.

加州與其他州已向法院提起訴訟。他們表示該交易對競爭不利。一家大公司將控制過多電影與電視頻道。

This big company will own 30% of big movies. Only four companies will control most movies in the US. This is bad for cinemas.

這家大公司將擁有 30% 的大製作電影。美國大部分電影將由四家公司控制。這對電影院來說是不利的。

Paramount says the deal is good. They say they need more money because people do not watch cable TV now. They want to make 30 movies every year.

Paramount 表示該交易是有益的。他們稱由於現在人們不再收看有線電視，因此需要更多資金。他們希望每年製作 30 部電影。

The states want a judge to stop the deal to keep the movie market fair.

這些州希望法官阻止該交易，以維持電影市場的公平。

A group of twelve United States attorneys general has started legal action to stop the $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance.

十二個美國州的總檢察長已採取法律行動，以阻止 Paramount Skydance 以 1,100 億美元收購華納兄弟探索者。

The lawsuit, led by California Attorney General Rob Bonta, claims that the deal violates the Clayton Act. The lawyers argue that the merger would seriously reduce competition in three main areas: wide-release movies, big-budget blockbusters, and basic cable licensing. If the merger is approved, the new company would control about 27% of the US film and cable markets, and 30% of the blockbuster market. Consequently, only four large companies would control 86% of major film releases, which would weaken the bargaining power of cinemas and cable providers.

這起訴訟由加州總檢察長 Rob Bonta 領頭，指稱該交易違反了《克萊頓法案》。律師主張合併將嚴重減少三個主要領域的競爭：主流上映電影、大預算商業大片以及基本有線電視授權。如果合併獲得批准，新公司將控制美國電影與有線電視市場約 27%，以及商業大片市場的 30%。因此，將僅有四家大公司控制 86% 的主流電影發行，這將削弱電影院與有線電視供應商的議價能力。

On the other hand, supporters of the deal argue that becoming larger is necessary because traditional cable TV is declining and digital streaming services are changing the industry. Paramount has described the lawsuit as incorrect, emphasizing that the merger would allow them to release 30 films per year. Furthermore, they claim that any delay could hurt jobs in the entertainment sector. Although the US Department of Justice decided in June that the merger would not harm competition, the state coalition has asked the court to stop the deal temporarily.

另一方面，該交易的支持者主張，由於傳統有線電視正在衰退，且數位串流服務正在改變產業，因此擴大規模是必要的。Paramount 稱這起訴訟是不正確的，並強調合併將使他們每年能發行 30 部電影。此外，他們聲稱任何延遲都可能損害娛樂業的就業機會。儘管美國司法部在六月決定合併不會損害競爭，但州政府聯盟已要求法院暫時停止該交易。

The proposed merger remains under dispute as the state coalition seeks a court order to prevent what they see as a move toward a monopoly in the media industry.

擬議的合併仍存在爭議，因為州政府聯盟正尋求法院命令，以防止他們認為的媒體產業趨向壟斷的舉動。

A coalition of twelve United States attorneys general has initiated legal proceedings to obstruct the $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance.

由十二位美國州總檢察長組成的聯盟已啟動法律程序，旨在阻止 Paramount Skydance 以 1,100 億美元收購 Warner Bros. Discovery。

The litigation, spearheaded by California Attorney General Rob Bonta and filed in the US District Court for the Northern District of California, alleges a violation of Section 7 of the Clayton Act. The plaintiffs contend that the consolidation would substantially diminish competition within three specific sectors: wide-release theatrical distribution, high-grossing blockbuster cinema, and basic cable licensing. Should the merger be ratified, the resulting entity would command approximately 27% of the US film distribution and basic cable markets, and 30% of the blockbuster segment. This concentration of market power would leave only four conglomerates controlling 86% of major film releases, thereby eroding the bargaining leverage of theaters and cable distributors.

此項訴訟由加州總檢察長 Rob Bonta 領軍，並於加州北區聯邦地方法院提起，指控其違反《克萊頓法案》第七條。原告主張，此次合併將實質削弱三個特定領域的競爭：電影院寬發行、高票房大片電影以及基礎有線電視授權。若合併獲批准， resulting entity（ resulting entity）將掌控美國電影發行與基礎有線電視市場約 27% 的份額，以及大片領域 30% 的份額。這種市場權力的集中將導致僅有四個集團控制 86% 的主流電影發行，從而削弱電影院與有線電視分銷商的議價能力。

Conversely, proponents of the transaction argue that such scale is an economic imperative given the systemic decline of traditional cable viewership and the disruptive influence of digital streaming platforms. Paramount has characterized the lawsuit as fundamentally flawed, asserting that the merger would facilitate the release of 30 films annually and that any delay would adversely impact entertainment sector employment. While the US Department of Justice's Antitrust Division concluded in June that the merger would not significantly impair competition, the state coalition has requested a judicial stay on the transaction, suggesting the implementation of a temporary restraining order to prevent the closure of the deal.

相反地，該交易的支持者認為，鑑於傳統有線電視收視率的系統性下降以及數位串流平台的顛覆性影響，此類規模是經濟上的必然要求。Paramount 將該訴訟描述為根本性錯誤，並聲稱合併將促進每年發行 30 部電影，且任何延遲都將對娛樂業就業產生不利影響。儘管美國司法部反托拉斯局於六月得出結論，認為該合併不會顯著損害競爭，但州政府聯盟已請求法院暫緩交易，建議實施臨時禁制令以防止交易完成。

The proposed merger remains contested as the state coalition seeks judicial intervention to prevent a perceived monopolistic shift in the media landscape.

擬議的合併仍存在爭議，因為州政府聯盟正尋求司法干預，以防止媒體版圖出現被視為壟斷的轉向。