Ari Emanuel has weighed in on the legal battle surrounding the proposed Paramount and Warner Bros. Discovery merger, arguing that efforts to block the deal could do more harm than good for the entertainment industry.

The TKO and WME CEO believes the antitrust lawsuit fails to reflect the realities of today's media landscape, warning that preventing the merger would only leave traditional entertainment companies in a weaker position as they compete against rapidly expanding rivals.

Although shareholders have already approved the proposed $110.9 billion merger, the transaction is currently paused after California Attorney General Rob Bonta and 11 other state attorneys general filed an antitrust lawsuit seeking to block it. Paramount has agreed to delay completing the acquisition until the case is resolved.

Writing in an opinion piece for The Wall Street Journal, Emanuel argued that regulators are using an outdated view of the entertainment business.

According to Emanuel, the lawsuit risks damaging competition rather than protecting it.

"The lawsuit by California's Rob Bonta and 11 other state attorneys general to block the acquisition of Warner Bros. Discovery by Paramount Skydance puts it all at risk. They say they are protecting competition. Their actions threaten to destroy it."

He also criticised the legal challenge for overlooking several major players that have become increasingly influential in entertainment.

"You know an antitrust case is trash when it ignores some of the fastest-growing competitors in the market. In their analysis, the state attorneys general pretend Amazon MGM, A24 and Lionsgate don't exist and that Netflix isn't leaning into theatrical films."

The outcome of the case could also have implications for professional wrestling and combat sports. UFC and Zuffa Boxing currently stream on Paramount+, while AEW's programming is carried by Warner Bros. Discovery. Approval of the merger would place those properties under the same media umbrella, creating a unique connection between TKO and AEW.

Emanuel also pointed to Warner Bros. Discovery's financial challenges, noting that the company finished 2025 with approximately $29 billion in net debt alongside declining revenue. He argued that blocking the merger could reduce the company's ability to invest in films and television while increasing the likelihood of valuable assets being sold elsewhere.

"The real threat to competition is what happens if the attorneys general succeed. Warner Bros. Discovery ended 2025 with $29 billion in net debt and declining revenue. Does anyone believe it will be able to invest in films and television? More to the point, does anyone believe it wouldn't sell its key assets to companies that aren't committed to theatrical exhibition?"

He added that while Paramount could continue operating independently, the merger would provide greater scale, strengthen Paramount+, and allow the combined company to spread content costs across a much larger subscriber base.

Emanuel also addressed the political controversy surrounding the deal, including debate over CNN. Describing himself as a lifelong Democrat, he argued that antitrust laws should not be used to pursue political objectives.

"When government officials manipulate markets to reach political outcomes, antitrust stops protecting competition and starts threatening it. The attorneys general should drop this case and get back to enforcing the laws as they are written. Let Hollywood creatives get back to trying to rip each other's heads off at the box office, in streaming, online and everywhere else we compete. It's what we're best at."