Shares of Paramount Skydance (PSKY.O) fell 2% to $8.57 and Warner Bros Discovery (WBD.O) were down 1.4% at $26.50 in afternoon trading.
A coalition of states won a pause of PSKY's $110 billion acquisition of WBD on Monday, following their argument that the merger would irreparably harm competition.
California and 11 other states sued to block the deal on July 13.
The Writers Guild of America also sued to block the deal last week.
PSKY and WBD both fell nearly 35% and 7%, respectively, this year.
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