**No at 76.3% reflects the deal's substantial antitrust and litigation hurdles that make closure by December 31, 2026, improbable.** Paramount Skydance signed a definitive $110–111 billion all-cash agreement to acquire Warner Bros. Discovery in February 2026 after outbidding Netflix, with WBD shareholders approving the transaction in April and the U.S. DOJ clearing it in June. International regulators including the EU, Turkey, and Mexico have granted approvals, often with structural or behavioral remedies. However, a coalition of 12 state attorneys general filed antitrust suits in July alleging reduced competition in film, cable, and streaming, prompting federal court temporary restraining orders and a trial now scheduled for March 2027. In July 2026, Paramount explicitly stated the merger would not close before June 1, 2027, to accommodate ongoing litigation and reviews. As of late August, the parties continue exploring divestitures (such as certain Turner networks or cable assets) and operational separations to address state concerns, but these negotiations remain unresolved. With the trial date and any appeals extending well beyond year-end, traders assign high probability to missing the 2026 deadline despite the deal's advanced regulatory progress elsewhere.