Shares of Paramount (NASDAQ:PARA) dropped 3.6% after Senator Elizabeth Warren called for the potential merger with Warner Bros. Discovery to be blocked due to antitrust concerns. This caused both companies’ shares to decline. Paramount is facing changes after merging with Skydance and planning layoffs for cost savings. The market sees the news as meaningful but not fundamentally changing its perception of the business. Reports suggest Paramount Skydance is preparing a bid for Warner Bros. Discovery, creating a stronger competitor in the streaming industry. Paramount’s stock is up 68% this year, trading near its 52-week high.

Read more at Barchart: Why Paramount (PSKY) Shares Are Sliding Today