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Paramount Skydance Chief Executive David Ellison isn’t waving a white flag.

After Paramount agreed Friday to delay its proposed merger with Warner Bros. Discovery to battle a stiffer-than-anticipated antitrust challenge from California Atty. Gen. Rob Bonta and 11 other state attorneys general, Ellison is resetting expectations. In a Monday memo to employees, Ellison wrote that he still believes his mammoth merger will be consummated in the coming months.

Paramount stock has lost about 20% of its value since the beginning of July amid concerns that the company will have to shoulder higher costs to get its $111-billion Warner Bros. acquisition across the finish line. Friday’s agreement with the state attorneys general to delay the merger’s close until after an antitrust trial, which will likely be held in 2027, also was unsettling to shareholders and some employees.

Paramount Skydance shares closed at $8.03, down 2.19% Monday afternoon.

“Let me be clear: we remain highly confident that this transaction does not pose any legal issues, and we will complete it and bring these two companies together,” Ellison wrote in the memo shared with media outlets.

Paramount’s internal teams and Warner Bros. have been diligently working to lay the groundwork for the two rival companies to integrate their operations. The rush had been on because Ellison wanted to close the deal this week — or at least by the end of September — to avoid a higher payout to Warner shareholders.

However, Paramount suspended such ambitions on Friday, agreeing to delay the merger until after a trial to litigate the merits of the antitrust case brought by Bonta and the other Democrats. Oregon, Washington, Colorado, Nevada, New Mexico, New Jersey and New York are among the states joining California in the fight.

The Writers Guild of America separately sued this month, alleging the merger would harm writers. Over the weekend, SAG-AFTRA announced that it supports the state attorneys general as they try to beat back the merger.

“Our members have every right to expect that the government will do thorough regulatory oversight when a deal of this magnitude takes place,” SAG-AFTRA President Sean Astin said in a statement.

“The workers in this industry should not have to rely on promises and aspirational statements,” he added. “This isn’t a conversation about shareholder value, it’s about the survival of the entertainment business in America.”

Teamsters already have spoken out against the deal.

Bonta and fellow attorneys general from Democrat-led states have argued the deal would violate the century-old Clayton Antitrust Act in three markets: wide-release theatrical films, potential blockbuster movies and cable television channel concentration.

U.S. District Judge Araceli Martínez-Olguín, who is overseeing the antitrust suit filed by Bonta two weeks ago, wrote in an order last week that the plaintiff states had presented “compelling evidence” that the proposed merger may violate U.S. antitrust law.

California Atty. Gen. Rob Bonta is leading an effort of 12 state attorneys general attempting to block Paramount Skydance’s $111-billion takeover of Warner Bros. Discovery.

(Genaro Molina / Los Angeles Times)

Paramount disputes that. The firm, controlled by the Larry Ellison family, has pointed to regulatory approvals it has already garnered, including from the U.S. Department of Justice, which found its acquisition of Warner Bros. Discovery would not harm competition.

The deal also won clearances from regulators representing 65 jurisdictions, including Australia, China, the European Commission, Germany, France, Spain and Canada. Paramount has pointed to those approvals as proof that the law is on its side.

In his memo, Ellison said delaying the deal until after a trial before Martínez-Olguín made sense.

“We believe this is the right path because the facts and the law are on our side, and a full hearing will demonstrate why the plaintiffs’ arguments should not prevail,” Ellison wrote.

WASHINGTON — As the U.S. prepares for an extravagant celebration of its founding principles, fewer Americans see their country as exceptional, a new poll finds.

The survey from The Associated Press-NORC Center for Public Affairs Research highlights many Americans’ feeling of unease over the future of its representative government — particularly among young people. It presents a jarring contrast as communities around the country commemorate the nation’s 250th anniversary.

Only about one-quarter of Americans say the U.S. stands above all other countries in the world, the new poll found, while 44% say it’s one of the greatest countries in the world, along with some others. About 3 in 10 say there are better countries than the U.S., an increase from 19% in an AP-NORC poll conducted in June 2016.

Americans remain divided about whether diversity is an essential feature of the U.S.’s identity, and agreement about other aspects of the country’s underlying character appears to be eroding, the survey found. Americans are less likely to see a democratically elected government as “extremely” or “very” important to the United States’ identity as a nation than they were just a few years ago. About two-thirds of U.S. adults now say a democratically elected government is highly important to the U.S.’s identity as a nation, down from 80% in 2021.

“It’s not that the democracy part is not working,” said Derricka Wall, 24, of Chickasaw, Alabama. “It’s the people that are actually being put in office that is the problem.”

Wall believes politicians have damaged America’s governing system, which was designed to ensure representation and guard against government misuse.

America, she said, “is not what it used to be. I feel like our founding fathers would be kind of disappointed with how it is now.”

Rising belief that democracy is not essential to American identity

Young adults are much less likely than older Americans to believe the U.S. is special, compared with other nations, the poll found.

About 4 in 10, 44%, of U.S. adults under 30 say there are other countries better than the U.S., compared with 22% of U.S. adults ages 60 and older.

Fewer, too, see democracy as a key element of the U.S.’s identity. Only about half of Americans under 30 believe this, compared with 81% of those 60 and older.

Wall said the people who established the government with co-equal branches thought they were erecting safeguards to keep any one person or group from attaining too much power. But she believes they didn’t foresee how easily those guardrails would crumble if the people in the system stopped enforcing them.

“I feel like they would actually roll out of their graves,” she said. “I feel they would be very disappointed in us.”

The belief that politics isn’t working for everyday people extends beyond the youngest generations. Kent Stage, 62 and a retired senior enlisted man in the Army, is a registered Republican in Indiana. He does not think the current political system addresses the country’s problems. He’d like to see term limits on politicians and more working-class people serving.

“I’ll trust the ambulance-chasing lawyer and a shady used car salesman before I trust the politician,” he said.

Stage, who is also a former Marine, believes public servants make self-serving choices for their families “while mine and yours still got to hit the old grindstone.”

Many feel it’s harder to get ahead in the U.S.

The survey also finds widespread cynicism about America as the land of opportunity. About half of U.S. adults, 51%, say the American Dream — the idea that if you work hard, you’ll get ahead — once held true but does not anymore. About one-third say it “still holds true” while 15% say it never held true.

Jack Hermanson, a 27-year-old software developer in Denver, said his belief in the American Dream changed when he saw his engineer husband struggle to find a job. “That really shattered my impression that if you work hard, you get what you deserve,” Hermanson said.

Only 22% of Americans under 30 say the American Dream still holds true, compared with 46% of Americans ages 60 and older.

Angela Toombs, 31, works at a senior living facility in Atlanta where her clients talk about how easy it was to buy a house while working their first regular jobs in their 20s and are incredulous about the obstacles facing Toombs’ generation. Toombs recently gave up her own apartment to rent a room in order to save money.

Skepticism about the American Dream is more widespread among Democrats and independents, compared with Republicans. Most Republicans, 57%, say the American Dream still holds true, compared with about one-quarter of independents and 17% of Democrats.

Republicans are also much likelier than Democrats to see the U.S. as exceptional. About half of Republicans say the U.S. stands above all other countries in the world, compared with only 7% of Democrats.

Quintin Sharpe, 28, lives in a resort town on Lake Geneva in Wisconsin. A financial planner who is Republican, he said the American Dream remains accessible and he is proud of the country. “It’s been a great experiment.”

“The opportunity is there for those who want to work for it,” he said. Sharpe believes the country is “a meritocracy, and the best ideas, the best work ethic, those with the best succeed regardless of race, skin color, any of those factors.”

He and his wife will celebrate the country’s 250th anniversary watching the fireworks over the lake.

Divides on whether diversity is essential to U.S.

Just over half of U.S. adults — 56% — say a shared American culture and set of values are “extremely” or “very” important to the country’s identity, down from 65% in 2017. Younger Americans are less likely than older ones to say a singular set of values is important to U.S. identity.

But Americans remain sharply divided on the centrality of welcoming diverse perspectives: About half of adults, 51%, say the ability of people to come from other places in the world to escape violence or find economic opportunities is “extremely” or “very” important to American identity, while 55% say this about the mixing of cultures and values from around the world.

Only about 4 in 10 Republicans see the mixing of cultures and values from around the world as central to the country’s identity, compared with 76% of Democrats.

Rose Nunez, 70, of San Antonio, was a small business owner but now is a caregiver for family members. Nunez, who tends to vote for Democrats, said there is an unease and tension that are just beneath the surface, especially focused on Hispanics. She said some people have started carrying their papers showing their immigration status in case they are challenged.

“It is hard to celebrate when the feelings towards immigrants and communities of color are so strong,” she said of the upcoming America 250 celebrations.

She said even citizens are questioned now. If it gets to a point where being naturalized is challenged, “guess what, my mom would be leaving. She’s been living in this country since she was maybe four years old. She’s 93.”

Fields, Sanders and Riccardi write for the Associated Press. The AP-NORC poll of 2,596 adults was conducted April 16-20 using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 2.6 percentage points.