Paramount's stock fell as much as 9% in morning trading, as investor worries grow over the media company's path to closing its Warner Bros. Discovery deal. The transaction still faces multiple regulatory reviews and threats of state-level legal action.

Reuters reported late Wednesday that the Oregon attorney general's office said Paramount told the office it wouldn't close the $81 billion deal before July 22. Oregon had asked a court to order Paramount to hand over records and delay the deal by 60 days to review them.

In a statement, Paramount denied that its timeline had been adjusted because of Oregon's legal actions. It said the European Commission has until July 22 to complete its review of the deal-plus 10 more working days to consider remedies-and that date shouldn't be seen as a target for the deal to close.

The transaction is also being reviewed in the U.K., and a coalition of state attorneys general are expected to file a lawsuit opposing the deal in coming days or weeks.