AMC Global Media reported second-quarter 2026 results, posting an adjusted loss of 28 cents per share on $547 million in revenue, compared with expectations for a 7-cent loss on $554.65 million. Streaming revenue rose 6% to $180 million, while ad sales fell 11% to $109 million. The company also announced a $500 million co-exclusive streaming agreement with Netflix for “The Walking Dead.” The results highlight continued pressure on its traditional advertising business as its shift toward streaming has yet to fully offset the revenue gap.

California Attorney General Rob Bonta said he is leading a coalition of 12 state attorneys general in an antitrust lawsuit to stop Paramount and Warner Bros. Discovery’s proposed $110 billion merger. The suit alleges the deal would violate the Clayton Act by sharply concentrating the markets for film distribution and basic cable channels. The legal challenge adds a major regulatory hurdle that could delay or derail the transaction. It also puts pressure on media-sector valuations and merger-arbitrage strategies that rely on deal expectations.

The U.S. Justice Department’s Antitrust Division unexpectedly ended its investigation into Paramount’s $111 billion merger with Warner Bros. Discovery without conditions, even as internal lawyers were leaning toward filing a lawsuit to block the deal. The move removes the biggest federal hurdle, but attorneys general in states including California and New York have said they plan to sue, and the European Union is conducting parallel reviews under its Foreign Subsidies Regulation and standard merger rules. The companies have said they expect the transaction to close by September 2026.