State AGs Are Writing Their Own Antitrust Sequel, while Odysseus Prepares S-1 Filing after Long Fight

Jul 24, 2026

Paramount’s $110 billion tie-up with Warner Bros. Discovery had some good news and bad news this week.

The European Union’s conditional approval of the deal marked a major win, but the deal hit its first real snag when a California judge granted a 14-day temporary restraining order following a lawsuit from Democratic state attorneys general led by California’s Rob Bonta. The bigger story is what it signals: State AGs are increasingly willing to go it alone on antitrust.

It’s a pattern that Freshfields and Troutman flagged back in March, when state AGs sued to block Nexstar’s $6.2 billion acquisition of Tegna despite DOJ and FCC sign-off. Their “state AGs as independent enforcers” thesis has held up well in the time since. Troutman’s put it plainly: “Federal Approval Is No Safe Harbor.” Freshfields, meanwhile, predicted that merging parties should “continue to expect scrutiny by state AGs even if federal enforcers decline to act,” a prophetic note given this week’s news.

That trend also has infrastructure behind it. Per an April O’Melveny client alert, state AGs have built real antitrust firepower: bigger budgets, dedicated divisions, and a growing bench of DOJ and FTC alumni. Thirteen states are challenging the DOJ’s own settlement clearing HPE’s acquisition of Juniper Networks under the Tunney Act, alleging political influence. And when the DOJ settled its case against Live Nation and Ticketmaster mid-trial, state enforcers took over and won a jury verdict. Federal clearance is no longer the final word.

Speaking of long battles, there are many GPPers who read The Odyssey and can’t wait to see Christopher Nolan’s rendition on the IMAX big screen.

This retelling of the epic poem, which is also the first feature film shot entirely on IMAX cameras, has turned into a genuine pilgrimage story of its own, with fans road-tripping hundreds of miles and crossing borders to see it in the rare IMAX 70mm format available in just 25 U.S. theaters. IMAX has been one of the summer’s biggest winners.

We’d be remiss to not mention the source material and the literary moment this has generated for classics scholar Emily Wilson, whose 2017 translation, the first in English by a woman, is now the top-selling edition of The Odyssey amid a resurgence in purchases of the work’s translations. A 2023 New Yorker profile detailed just how deliberate her approach has been, from translating Homer into Shakespeare’s own meter to stripping away centuries of euphemism. Even archaeologists have gotten in on the act, recently uncovering a 2,400-year-old sanctuary in Ithaca suggesting ancient Greeks worshipped Odysseus as a genuine local hero.

Comparing Homer’s tale to today’s world, Odysseus is no different than a CEO defending his empire from raiders, fighting off the short-term pressures of the Sirens wooing sailors with their soft hymns and white papers.

Once past the Sirens, he hits the bad choices of Scylla and Charybdis to either cut costs to make margins or go for broke by going all in on AI. After escaping the narrows, our CEO is hit by the biggest of all raiders, the Cyclops. (Think a one-eyed Carl Icahn type).

Our CEO reclaims his position in Ithaca after a 20-year proxy fight and prepares for an IPO – dubbed Project Athena.

Have a great weekend,

GPP Team

ACTIVISM

Bloomberg TV: Activists Take on More Campaigns While Avoiding Proxy Fights
Our friends Carmen Lu, partner at Paul Weiss, and Shaun Mathew, partner at Kirkland & Ellis, joined “Bloomberg Deals” to discuss their takeaways on shareholder activism in the first half of 2026 with one of the main takeaways being that campaigns have hit an all-time high but the number of them “going the distance” continues to decline. Watch Here

The Wall Street Journal: They Call Her ‘the Assassin’ on Wall Street—and She Has a New Target
In perhaps a sign of the times related to short selling, famed short seller Fahmi Quadir is pivoting to shareholder activism – namely in South Korea where, through her new venture Safkhet Sentinel, she aims to build stakes and push for change in undervalued, family-controlled South Korean firms. Read More

M&A

Axios: Gold’s M&A Rush
Underlined by NovaGold’s plans this week to buy the 40% stake it doesn’t already own in Donlin Gold Holdings at a valuation of $4.2 billion, Axios dives deeper into the red-hot mining M&A market that saw $26.3 billion worth of deals in 2Q26 – up 68% QoQ and the “second highest quarterly total since S&P began tracking the metric in 2013.” Read More

The Wall Street Journal: Utz Brands to Be Taken Private in $2.9 Billion Deal
Germany’s Intersnack Group will pay $14.25 per share in cash for Utz Brands for an enterprise value of $2.9 billion. Expected to close by the end of 2026, the deal will take Utz private, with the founding Rice and Lisette families retaining a 50% ownership stake in the company. Read More

CORPORATE GOVERNANCE

Bloomberg: Apollo Muscles in on Wall Street’s Turf With $300 Billion of Loans
In Bloomberg’s “The Big Take” article, Laura Benitez discusses Apollo Global’s transition from PE firm / buyout shop into a blue-chip lender whose “ambitions are measured in the trillions, and these precedent-setting deals [Broadcom and Anthropic] are fueling its bravado.” The story includes interviews with Apollo executives and people familiar with the firm and its deals while showcasing what sets Apollo apart. Read More

Sullivan & Cromwell: Disclosure Schedules are a Waste of Money
In an article from Sullivan & Cromwell Global Co-Head of M&A Melissa Sawyer, which is a follow up to her great article Merger Agreements are Too Long, she discusses how eliminating or paring back disclosure schedules is an “obvious path to try to streamline deals, eliminate costly distractions and reduce leak risk.” She also includes a few potential alternative approaches for dealmakers based on some non-U.S. business combination agreements and “10b-5” or “full disclosure” reps that were popular a few decades ago. Read More

Directors’ Duties in the Age of Agentic Artificial Intelligence: How Can Boards Navigate Corporate Purpose and the Stakeholder Interests of Employees Around AI Adoption?
In a new paper from Deirdre Ahern, Professor in Law in Trinity College Dublin’s Law School, she discusses whether AI itself should be regarded as a stakeholder for companies, considering four differing approaches to how directors should engage with employees. Read More

IPO

Bloomberg: Biotech IPO Gains Crush AI Listings With Standout 55% Return
Despite AI-related listings garnering a majority of the media attention, IPOs for biotech and pharmaceutical companies have actually been the star in 2026 with these companies’ delivering standout returns as bankers line up a steady stream of summer debuts. Read More

Vogue: Reformation Spoofs The Big Short’s Bathtub Scene to Seduce Investors
In an “atypical approach” to the IPO roadshow, while also calling on Margot Robbie’s appearance in 2015’s The Big Short, the sustainable fashion brand created a 30-minute prospectus video that is designed to catch the eye of shareholders ahead of a potential market debut next week. Read More

The Wall Street Journal: OpenAI Is Adding Two Independent Board Members Ahead of IPO
OpenAI added Nubank CEO David Vélez and BNY Mellon CEO Robin Vince as independent directors, expanding its board and audit oversight, and continuing to shore up its governance after past board turmoil. Read More

FROM OUR INTERNS' DESK TO YOURS

One thing we’re proud of at GPP is our interns, who have taken advantage of evenings and weekends to enjoy our vibrant city – especially the culinary scene in which there are gems around every corner. This week, the interns enjoyed Tonchin, a Bib Gourmand Michelin restaurant near Herald Square.

Rooted in history and tradition, Tonchin was founded in Tokyo in 1992 by two brothers, Katsuhiro and Motohiro Sugeno, with one central purpose: to bring people together through food. The name “Tonchin” means “a place to come together, where all are welcome,” and the restaurant continues to live up to that ethos, uniting guests over steamy bowls in NYC since its arrival in 2017.

We ordered the Spicy Tan Tan and Miso Ginger ramen — and it did not disappoint! The red spicy Tonkotsu pork broth was nothing short of fiery, balancing the ensemble of vegetables, egg, and radish sprouts. Whereas the vegetarian Miso Ginger broth was lightly salty and sweet, providing the perfect base for Tonchin’s iconic wavy, hand-kneaded noodles. Each bite was equally delicious and satisfyingly warm with flavors dancing on your tongue, making the whole experience an unforgettable delight. To finish the meal, the interns debated the mango or espresso kaki-gori. While the towering mound of vibrant shaved ice decorated in front of them was tempting, they ultimately opted for the insider recommendation of the signature dessert, the Tokyo Banana. This blissful blend of banana, shortbread, and coconut cream was the sweet finale of the evening. The refreshing mango and espresso treats will have to wait for a warmer day!

The Sugeno noodle empire lived up to its praise. With multiple locations, you can’t pass up the bold flavors, innovative dishes, and welcoming, community-focused atmosphere that define the visit. We recommend making a reservation for the swiftest dining experience, but if you happen to walk in and wait, it is the perfect opportunity to strike up a conversation with a fellow foodie as we did—truly embracing the communal ‘Tonchin’ spirit!

Next week we take our interns to Citi Field! You may be asking why given the debacle that is the Mets this year. But the food is great and the company even better.