**Ongoing multistate antitrust litigation and a federal court injunction represent the dominant barrier preventing a 2026 close.** Despite U.S. DOJ clearance in June, EU approval, clearances across dozens of countries, and shareholder ratification, a coalition of 12 state attorneys general sued in July to block the $111 billion Paramount Skydance–Warner Bros. Discovery deal on competition grounds. A judge issued and extended a temporary restraining order, leading the parties on July 24 to stipulate a delay until after trial or June 1, 2027—whichever comes first—with the trial now scheduled for March 2027. Paramount has since pursued settlement talks and introduced a ticking fee after December 31, 2026, but the injunction and appeals process make year-end resolution highly improbable under current timelines. Traders view the court-driven extension and litigation uncertainty as decisive factors outweighing completed regulatory milestones.