**Ongoing state antitrust litigation and a court-ordered pause make closing by December 31, 2026, improbable.** The $110–111 billion Paramount Skydance–Warner Bros. Discovery deal secured shareholder approval in April 2026, U.S. DOJ clearance in June, and most international regulatory nods, including UK CMA and European Commission approvals. However, in July 2026 a dozen state attorneys general (led by California) plus the Writers Guild filed suit alleging reduced competition in theatrical distribution, cable, and streaming. A federal judge issued a temporary restraining order, and the parties stipulated that the transaction cannot close until five days after a merits ruling or June 1, 2027—whichever comes first. Trial scheduling discussions point to a 2027 date, with a settlement conference set for mid-October and a bond hearing imminent. While Paramount continues integration planning and recently cleared an FCC foreign-ownership review, the binding legal hold through year-end renders a close by December 31, 2026, highly unlikely, supporting the market’s 74.1% “No” implied probability.