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What the Paramount-Warner Bros. Merger Delay Really Means

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It looked like a victory on Friday for opponents of Paramount’s $110 billion merger with Warner Bros. Discovery. Paramount agreed to push back the acquisition – all the way to as far as next summer.

But, as with everything in this M&A saga, it’s not that simple. In reality the move is a way for Paramount to move past the latest obstacles faster — but at considerable risk.

“I think this is pretty good for (Paramount),” said Morningstar Research analyst Matthew Dolgin. “I think it’s unlikely this gets dragged out beyond June, so PSKY has more certainty that its ticking fee is capped at about $2 billion, and on the merits, I think it is likely to win and close the merger.”

In the Friday court filing, lawyers for the David Ellison-led media giant said the deal shall “not close, be consummated, or otherwise be completed” until five days after the outcome of an antitrust trial, or June 1, 2027, whichever is earliest. And they stated they will “not take any steps, directly or indirectly, to integrate or consolidate their operations pursuant to the Transaction.”

With a $7 million-per-day ticking fee that kicks in starting Oct. 1 which would cost Paramount $650 million a quarter why would Paramount agree to such a delay? The key lies in the nine words preceding the June 1 target date: “until five days after the outcome in a trial.”

The latest legal maneuver by Paramount isn’t a concession to the plaintiffs, 12 states Attorneys General and the Writers Guild of America, but a calculated bet that by clearing out the preliminary procedural steps and moving straight to trial, it can fast-track the process and get a ruling in time to close its merger by its self-imposed Sept. 30 deadline. As part of this agreement, the state attorneys general and WGA agreed to withdraw their requests for preliminary injunctions, and will all submit a joint statement on the scheduling of the trial by next Friday. 

“Today’s agreement is a significant win because the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” the company said in a statement. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached.” 

It’s a high stakes gamble. If a trial drags out through the length of the stated period, the company would be on the hook to pay $1.7 billion in ticking fees to Warner Bros. shareholders. That would come on top of additional legal costs, covering the $2.8 billion break-up fee Warner Bros. paid to Netflix and the $110 billion for the acquisition itself. If the deal doesn’t close due to regulatory matters, Paramount is also on the hook for a $7 billion break-up fee. 

California Attorney General Rob Bonta called the agreement “great news for audiences, movie theaters, and the many people who write, build, and create the art, news, and entertainment so many of us enjoy.”

The WGA also chimed in: “It remains our view that this merger is unlawful, and we will continue the fight to block it.”

It’s unlikely that Paramount will come out of this without paying something. 

“Going to trial would be faster but they more than likely aren’t getting a hearing date before the ticking fee kicks in,” said Abiel Garcia, an antitrust attorney at Kesselman Brantly Stockinger.

Said Dolgin: “Even more debt will be unfortunate, but it’s almost inconsequential considering the massive numbers we’re already talking about with the total acquisition price.”

Clearing the deck

Over the past two weeks, since the state AGs first filed their antitrust lawsuit against Paramount, there have been a number of legal and procedural moves. A day after the states’ suit, the WGA filed its own suit. A week ago, both sides appeared before U.S. District Judge Araceli Martínez-Olguín’s hearing for the temporary restraining order, which was granted on Monday.

On Wednesday, Paramount requested the judge hold a three-day evidentiary hearing for the impending merger. The following day, a judge granted an extension of another two weeks on the restraining order.

Now both sides are dispensing with the incremental procedural steps. For Paramount, this saves time considering the company would have had to go through a hearing on a preliminary injunction and potentially appeal before even going to trial, dragging out the process even further. 

“The writing on the wall seemed to indicate a (preliminary injunction) would be granted so if that is their read, better to just skip to trial if you are trying to resolve this as fast as possible,” Garcia said. 

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Paramount Skydance CEO David Ellison (Photo credit: Clark Studio/Bloomberg Live)

While both sides were in agreement that this should go straight to trial, each couldn’t help but to take parting shots at each other. 

Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny,” the company said. “We look forward to proving our case at trial.”

“Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse,” Bonta said. “We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day.”

Nearly all other hurdles cleared

Opponents of the deal applauded the development. 

“The Ellisons believed their relationship with President Trump would help them push through a disastrous deal that threatened democracy, creative freedom, and independent journalism. We in the #BlocktheMerger campaign helped prove them wrong,” said Democracy Defenders Fund co-founder and executive chair Norm Eisen.

“A deal once treated as inevitable is now frozen because thousands of people spoke out and state attorneys general acted,” the Block the Merger coalition added.

Still, the antitrust trial comes as the Paramount-Warner Bros. merger has been approved by Warner Bros. shareholders, the U.S. Department of Justice and, this week, the European Commission. Other countries where the deal has received clearance or where relevant waiting periods have expired include Australia, Austria, Brazil, Canada, China, Kuwait, Saudi Arabia, Serbia, South Africa, Ukraine, Montenegro, New Zealand and North Macedonia. Foreign direct investment authorities in Spain, Germany, Slovenia, Belgium, Czechia, Italy, France and Romania have also signed off.

The merger also still faces a potential hurdle in the United Kingdom, where Secretary of Culture, Media and Sport Lisa Nandy informed Paramount and WBD that she feels “minded to intervene.” The UK Competition and Markets Authority will decide on whether to clear the merger or move to a more in-depth Phase 2 investigation by Aug. 7.

In addition to the lawsuit from the state AGs and WGA, Paramount is facing a separate shareholder lawsuit. A group of consumers also sued, but were denied a preliminary injunction after failing to show irreparable harm. 

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Never Forget Cryptina: Horror’s Most Awkward Host — After Dark

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On Friday nights, IndieWire After Dark honors fringe cinema in the streaming age with midnight movies from any moment in film history.

First, the BAIT: a weird genre pick, and why we’re exploring its specific niche right now. Then, the BITE: a spoiler-filled answer to the all-important question, “Is this old cult film actually worth recommending?”

The Bait: A Critic, Two Directors, and Cryptina(?) Walk Into a Bar

A bustling hub of multicultural film discourse each July, McKibbins’ Irish Pub in Montreal (the one by Concordia University, not Cinema L’Amor) is a pretty good time. That’s where I met filmmakers Steph and Ryan Twyford-Rigley, also in town for the 2026 Fantasia Film Festival this week and revving up to make their crowdfunded debut feature “Goat Sword.”

It’s a heavy metal vampire comedy that sounds like it might actually be destined to find real support among the French-Canadian genre crowd. But 20 minutes later and half a beer in, the two married New Yorkers weren’t talking about their new project at all. Instead, they were showing off pictures of a white-blonde horror hostess they know as… CRYPTINA!

If you haven’t heard of Cryptina, don’t feel bad. Although, that is your loss. The cult character debuted in a 12-minute proof-of-concept pilot, titled “Cryptina’s Spook-Time Variety Show,” back in 2017. She later returned for a handful of feature-length anthology hosting gigs during the pandemic, but mostly exists as a collection of online clips today. (You can find the debut Cryptina performance on Troma Now, while the 2020 segments are free on YouTube.)

A testament to awkwardness, boob tape, and the enduring influence of Adult Swim, Cryptina still has a real fanbase in Brooklyn, especially at home with the Twyford-Rigleys. The original pilot even caught the attention of Joe Bob Briggs and earned a spot in the competition to become one of “The ABCs of Death 2.5,” suggesting the character might have a future beyond the festival circuit. But like so many beloved genre oddities, that next chapter never materialized.

Cryptina’s planned TV series fell apart, an oversized coffin Ryan built for the production eventually wound up hanging from the ceiling of a local bar, and just this year, an AI imitator became such a nuisance that the filmmakers had to send a cease-and-desist. Yeah… Cryptina’s story is kind of a rough one. So, why couldn’t Steph, Ryan, and I stop talking about her?

“Whenever someone asks me if I’m embarrassed by my old work, I always say no,” the actress behind those luminous black-and-white bedroom eyes told IndieWire. “I love everything I’ve ever done. I don’t even want to call it a stepping stone because that implies that it’s a lesser thing of the past. It was a different time, and it forever brings me joy.”

That giddiness was impossible to miss once we ducked into the festival’s green room and started watching old Cryptina clips together. Steph remembered constructing the graveyard-themed set in their living room, while Ryan ran around in his underwear because the fog machine had made their city apartment unbearably hot. Remembering the ordeal, the spouses interrupted each other with behind-the-scenes trivia memories, compliments for their other collaborators, and insights into how they had both changed as artists in the years since.

“The pandemic ones were really fun to work on as a team because we actually were able to bounce ideas off of each other,” Ryan said. “We were a writers’ room, just the two of us.”

Delighting in gags they’d come up with nearly a decade ago, the Twyford-Rigleys don’t see Cryptina (or her skeleton roommate Javier!) as a false start so much as a time capsule from the beginning of their marriage. Thanks to a mutual friend and an ill-timed Facebook request, the couple first met after a Ghost concert. The date that followed lasted 14 hours, and the very next day, Steph moved to Japan and Ryan went to spend time with his father after a cancer diagnosis.

They kept the relationship alive through letters and horror-themed care packages, with Steph mailing a tiny casket full of dead roses back to the U.S. and Ryan responding with a fake severed finger attached to a ransom note — demanding she move back to New York. They still tell the story like they’re trying to convince themselves that the last part actually happened, but the creative passion that formed between the Twyford-Rigleys has been burning ever since.

In addition to the forthcoming “Goat Sword,” Steph and Ryan have worked on a slew of music videos and short films. Of course, they’re proud of their wedding video (they built a funeral pyre?!) but Cryptina will always be close to their horror-loving hearts.

“We would resurrect her immediately,” Steph said. “People have been asking.”

Cinema is unusually good at preserving memories. Not just the masterpieces and heavily worshipped cult classics, but the strange little indie efforts that become inseparable from the people who made them. Sometimes those stories survive because the ideas at their center are later recognized as great, but sometimes they exist because a few fans refused to let them die.

Years after Cryptina had seemingly faded into obscurity, Ryan was in a New York emergency room when a doctor walked in, glanced at his chart, and suddenly stopped.

“Wait,” he remembered the physician saying. “‘Cryptina’s Spook-Time Variety Show?’ That’s you?”

The doctor had caught the Twyford-Rigley’s pilot at a New Jersey film festival years earlier, and even though Ryan and Steph had never met him before, Cryptina’s spirit lived on in him — and this week, at McKibbins’ bar, she possessed one more. Well, two. Happy haunting, Wilson! —Alison Foreman (P.S. Thanks for watching my cats.)

The Bite: Elvira for the Socially Awkward

Sometimes, when you volunteer to contribute to an After Dark entry here at IndieWire, you get led to places you’ve never once thought of going before — expanding your conception of what the film world is and discovering new avenues for creativity and art. What I’m getting at here is that, to write this column, our fearless leader Ali asked me to sign up for a free trial of something called Troma Now.

The world of midnight movies has become increasingly digitized and democratized over the past 15 or so years. Streaming and social media have expanded the avenues through which filmmakers can break through. Ali is currently rubbing shoulders with the midnight crowd up north, but thanks to a tiny indie streamer, I’m able to immediately engage with the work of the people she’s meeting from the comfort of my Los Angeles apartment. And that’s how I ended up spending my Friday afternoon watching a few short films presented by a socially awkward, Elvira-esque Mistress of the Night.

Trying to do Elvira is setting yourself up for a thankless challenge. Because really, who can fill the shoes of Cassandra Peterson’s iconic character? Elvira might be one of the few truly universally beloved figures in the horror community, a vampy ghoul with a Valley Girl affect whose humor and wink-wink, nudge-nudge approach to sexuality helped her transcend her local TV origins to become a genuine legend. The gays love Elvira, the girls love Elvira, the bros love Elvira — everybody loves Elvira.

But since Peterson retired the character, it has felt like there’s been a hole in horror. More than just a character, Elvira was an ambassador, someone whose effervescent presence elevated the B-movies she presented. The modern horror landscape could use someone like her again. So, is Cryptina and her “Spook-Time Variety Show” up to the task?

Cannily, the 2017 pilot for “Cryptina’s Spook-Time Variety Show,” now streaming on Troma Now, doesn’t try to strike gold twice by presenting its ghoulish host in the same fabulous mold as Elvira. Playing the character, filmmaker Steph Twyford-Rigley instead opts for a version that feels true to our modern landscape of internet overuse and social anxiety, portraying Cryptina as someone desperately trying to be a mysterious, seductive horror host but who’s just a little too self-conscious and uncomfortable in her own skin to pull it off.

The film she presents is delightfully silly. The pilot only features a handful of shorts, but the main one is a doozy: a “Twilight” parody in which the brooding Edward Cullen is replaced by Count Orlok in biblically accurate makeup. Watching an ordinary girl swoon over this obvious bloodsucker before reenacting the iconic “I know what you are” scene from Stephenie Meyer’s vampire saga is exactly the kind of so-dumb-it’s-genius comedy I want from a horror short.

Beyond the Troma Now pilot, you can also find on YouTube the hosting segments from four feature-length anthology episodes Twyford-Rigley and her husband, Ryan Twyford-Rigley, produced during the pandemic. It’s a slightly surreal experience watching the platinum-blonde host riff on movies we never actually get to see, but it’s fun largely because Twyford-Rigley is so effortlessly charming in the role. She sells jokes about Cryptina forgetting her cues or overexplaining a cheesy punchline until it’s beaten into the ground with an endearingly self-aware sense of relatability, and she makes the banter between Cryptina and her monstrous sidekick, Ghoulsby, feel surprisingly natural.

Does she fully measure up to Elvira? Well, no. But the fact that we’re even having the conversation suggests this character has the potential to go further than these few episodes. If Cryptina isn’t quite ready for primetime (or, uh, post-primetime) TV, that’s also part of her appeal. Horror could use a host who’s just a little anxious, a little awkward, and very, very online. —Wilson Chapman

“Cryptina’s Spook-Time Variety Show” is streaming on Troma Now.

Read more installments of After Dark, IndieWire’s midnight movie club:

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Donald Trump Delivers Rally-Like Hour Of Rehash In White House Correspondents’ Dinner Speech

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Speaking at the rescheduled White House Correspondents’ Association Dinner on Friday, Donald Trump delivered an hour-long speech blending shopworn rally material with a string of leaden one-liners.

He was making his first appearance as president at the dinner, which had to be rescheduled last Aprtil after a shooter attempted to rush the ballroom and was subdued by the Secret Service. While presidents for decades have long used the event’s keynote slot to zing reporters to varying degrees, Trump lapsed into rally mode, only deviating for some personal broadsides at members of the press, marbled with references to their appearance.

After one quip about an elderly U.S. senator’s sex life drew crickets, Trump asked, “Does anybody get that? I thought that was actually great. That was actually the only thing I thought was good in this whole frickin’ stupid speech. It was the only good one, and that went down with not exactly great laughter.”

Over the rest of the meandering speech (watch the whole thing below), Trump seemed to recognize that many of his would-be jokes were not landing. There were few laughs or reactions at all beyond squirming or fidgeting as he veered in stream-of-consciousness fashion from topic to topic.

“Tonight’s event is even crazier than the last time,” Trump said. “It’s so successful that I’ve been informed by CBS News’s David Ellison” (Ellison is CEO of CBS parent Paramount) that “next year, they’re going to call it the Trump White House Correspondents’ Dinner.” Changing the name, he added, “is the only way you’re going to get me back here.”

The hour-long speech tested the patience of all but the fiercest Trump loyalists in attendance. The audience only sporadically showed a notable reaction, with long periods of near-silence prevailing. Once Trump’s remarks concluded and mentalist Oz Pearlman took the stage, hundreds of guests streamed toward the exits.

Compared with April’s event at the Hilton, the ballroom at the Waldorf-Astoria is much smaller. Trump cabinet members mingled with reporters in an aisle near one of Paramount’s tables. Among those sitting at a table with Chief Legal Officer Makan Delrahim were cabinet members Pete Hegseth and Robert Kennedy Jr., as well as presidential advisor Stephen Miller as well as Katie Miller and Kennedy’s wife, actress Cheryl Hines.

Prior to Trump’s remarks, there were some awkward moments onstage as annual awards were given out, including to some journalists behind investigations of the president. As Wall Street Journal reporters accepted an honor for their Jeffrey Epstein story, Trump shook their hands and then threw his hands up in the air and smiled a bit. Wolf Blitzer, who was presenting the award, noted that he sued the WSJ over the story for $20 billion.

Once he took the lectern, Trump went after Josh Dawsey, one of the WSJ winners, and CNN host Kaitlyn Collins with highly personal digs, but the room fell nearly silent as the would-be laugh lines were delivered. Weijia Jiang, outgoing president of the White House Correspondents’ Association, was stone-faced as Trump went into the roast-like remarks.

Trump had been scheduled to deliver remarks at the April dinner, but it was interrupted and then ended after a gunman breached a security barricade. The incident took place just outside the Washington Hilton ballroom, but shots could be heard among dinner guests. That sent the Secret Service scrambling to remove Trump and Vice President JD Vance from the dais, as well as other guests seated in the ballroom

Trump urged the White House Correspondents’ Association to reschedule, but the new arrangements were for a new venue at the Waldorf, formerly a Trump hotel, and with a new set of security measures in place.

But just as in April, there has been attention on the WHCA and what would be said during the evening, not just by Trump but by other journalists. In addition to a flurry of lawsuits against media outlets and routine rants about the news media, Trump has threatened to pull network broadcast licenses and his Justice Department has subpoenaed reporters to try to obtain their sources. In the latter case, the DOJ this week withdrew subpoenas issued to New York Times reporters who wrote pieces on the lack of security features on the new Air Force One. That followed a court hearing in which a federal judge criticized government attorneys for the way that the subpoenas were issued.

The president skipped the WHCA dinners last year and during his first term, at times holding counter events. But he agreed to attend this year, putting him front and center at an event celebrating some of the journalists he has attacked. Among those receiving awards were reporters for The Wall Street Journal who reported on a bawdy letter with Trump’s signature sent to Jeffrey Epstein. Trump denied he sent the letter, and sued the publication, along with its publisher and Rupert Murdoch.

Dade Hayes contributed to this report.

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Guillermo Del Toro Says “No Godd*mn AI” In ‘Pan’s Labyrinth’ Re-Release

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As Guillermo Del Toro brings Pan’s Labyrinth back to theaters 20 years later, he’s sticking to tried-and-true restoration techniques.

During Friday’s Hall H panel for the movie’s milestone anniversary at San Diego Comic-Con, the 3x Oscar winner reinforced his stance on using “absolutely no goddamn AI” in the 3D re-release, which premieres Oct. 9 in theaters.

“I said, ‘Absolutely no goddamn AI,’” said Del Toro to applause. “It’s much more expensive. I don’t care. The thing is, what we’re protecting is the beauty and the redeeming power of art.”

Del Toro’s latest comments come after he has frequently denounced generative AI, saying last year that he’d “rather die” than use it in his filmmaking. “Fuck AI!” he has declared on more than one occasion.

At Friday’s panel, the Mexican auteur also recalled the crew of Pan’s Labyrinth not initially understanding his wild vision of a dark fantasy set during the Spanish Civil War of 1936-’39.

Doug Jones in ‘Pan’s Labyrinth’ (2006) (Picturehouse/Courtesy Everett Collection)

“We had a lot of adversity in the movie,” said Del Toro. “And a lot of the crew was very skeptical. They would see a faun come in in the middle of a civil war movie, and they would say, ‘This fucker is crazy.’ But I remember the first time I knew, we were shooting the Pale Man.”

Re-enacting the Pale Man’s now iconic moment of holding up his own eyes in his hands to see, Del Toro noted that was the moment the crew was on board with his vision. “I said, ‘Ah, see?’” he recalled.

On Oct. 9, Pan’s Labyrinth will be presented theatrically for the first time by Cineverse and Fathom in 4K, with versions available in both 3D and HDR by Barco.

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