THEREFORE, IT IS HEREBY STIPULATED by the parties through their respective counsel, that:

1. The transaction at issue in State of California and Writers Guild shall not close, be consummated, or otherwise be completed and Defendants will not take any steps, directly or indirectly, to integrate or consolidate their operations pursuant to the Transaction until the earlier of (1) five days after the merits determination in these matters, or (2) June 1, 2027. This stipulation and order extends to Defendants’ agents, officers, servants, employees, attorneys, and other persons who are in active concert or participation with Defendants.

2. The briefing deadlines and August 3, 2026 hearing date for Plaintiff States’ motion for preliminary injunction are cancelled. The WGA Plaintiffs’ motion for preliminary injunction is withdrawn. Plaintiff States and WGA Plaintiffs will be permitted to file motions for preliminary injunction orders, if necessary, at a later date.

3. This stipulation shall not waive or modify any rights, schedules, or deadlines of any party relating to any post-judgment appeal, including any injunctive relief pending appeal.

4. This stipulation is without prejudice to any party’s claims, defenses, arguments, or positions in this action. 5. The parties will submit a joint statement in each of their respective cases regarding the scheduling of the trial in each matter by Friday, July 31, 2026.

“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.

“Paramount’s decision keeps two major studios competing instead of handing one company even more power over what Americans watch, what they pay, and where entertainment workers can earn a living. The merger would have eliminated one of Hollywood’s largest buyers of scripts and productions while placing Paramount+, HBO Max, CBS News, CNN, and dozens of local stations under the management of one company.

“This victory in putting the merger on hold belongs to the people who refused to treat the merger as inevitable. Artists, journalists, filmmakers, and consumer advocates spoke out despite the risk of retaliation, more than 5,500 people signed our open letter, and Attorneys General Rob Bonta and Letitia James, along with 10 other attorneys general, acted. This collective resistance is turning the tide.”k—questions, beats, transitions—for anyone turning old media into new stories.

"Paramount tried to tell us this deal was a slam-dunk, but it just shot an airball. Late in the game, Paramount's lawyers grasped what we’ve said all along: The states have a very solid case that this deal violates U.S. antitrust law. For the broad and growing coalition against this corrupt and dangerous deal, this delay marks a significant victory.

"Instead of fighting against an injunction and possibly losing now, Paramount's lawyers have resigned themselves to waiting for a full antitrust trial in federal court. Paramount can pretend all it wants that it looks forward to that test, but that's just more bluster from company mouthpieces trying to spin a major setback. Now this deal will face its day in court, and we are confident the evidence will show this mega-merger should be blocked."

We said, we’ll just give you a tag you put at the end of your ad break. And we’ll take the scraps, whatever you don’t sell, and we’ll fill that with non-profits. And then we went to the non-profits and we said, we’ll give you these ads for a fraction of the cost. Because the only cost is there’s still some technology expenses involved. So they get about a $6 CPM, which is way better than like an $18 to $25 CPM. 

And we get all day parts, all great things. And we got some great partners like LG, and A&E, and Samsung, and Scripps. Right now 4.5 billion ad avails every month that are donated to us. We take all of the ad avails that everybody has, we track all of that. And we give them the tax certification that they need to do whatever they want to do. If they want to write off that as a donation to the platforms, then they do that. 

And then we found that there are non-profits that never advertised or couldn't afford advertising. So we started a media fund where people and corporations and donations could go directly into this media fund. And then we allowed the smaller non-profits to apply like a grant. They apply, and then we give them advertising for free using the money in this media fund.