Paramount Skydance's $111 billion acquisition of Warner Bros. Discovery has cleared its final major regulatory hurdle with the September 21, 2026 settlement of the state attorneys general antitrust lawsuit, following earlier DOJ and international approvals plus shareholder votes. CEO David Ellison has signaled a close in roughly two weeks, well ahead of the end-2026 deadline, supported by a consent decree committing the combined entity to annual film release quotas, increased domestic production spending, and editorial safeguards for CNN and CBS News. Traders assign 97.5% implied probability to a timely close because nearly all conditions precedent are now satisfied and the deal structure includes ticking fees that incentivize speed. Residual risks include final court entry of the consent decree or unforeseen integration complications, though both appear low-probability given the momentum and lack of remaining structural remedies.