**Ongoing multistate antitrust litigation remains the dominant barrier to closing the Paramount Skydance acquisition of Warner Bros. Discovery by December 31, 2026.** The $110.9 billion all-cash deal, announced in late February 2026 at $31 per share, secured DOJ antitrust clearance in June, shareholder approval in April, and the vast majority of international regulatory nods—including the EU, UK CMA, China, Canada, Brazil, and Mexico as of mid-August. However, a July 2026 lawsuit by 12 state attorneys general alleging reduced competition in film distribution, cable networks, and streaming has produced a federal court temporary restraining order and a July 24 stipulation that explicitly bars closing until five days after a merits ruling or June 1, 2027—whichever occurs first—with trial now calendared for March 2027. A ticking-fee provision (initially tied to September 30, later extended past December 31) underscores the companies’ willingness to pay for delay but does not accelerate resolution. With only weeks left in 2026 and no realistic path to settle or litigate the case before year-end, trader consensus heavily favors “No.”