States ‘On Our Own’ in Paramount-Warner Review, Colorado AG Says

State attorneys general reviewing Paramount Skydance Corp.’s proposed $110 billion acquisition of Warner Bros. Discovery Inc. will assume they are “on our own” and can’t rely on federal antitrust authorities to fairly enforce the law, Colorado Attorney General Phil Weiser said.

“The states are reviewing this deal together, and we are on notice that the federal government’s actions are no longer ones we can expect to be based on the merits,” Weiser, a Democrat, said in an interview with Bloomberg Wednesday.

Colorado is one of several states that is reviewing Paramount’s proposed deal, which would combine two of the ...