The definitive merger agreement between Paramount Skydance and Warner Bros. Discovery, valued at $110.9 billion and announced in late February 2026, anchors trader confidence in a 2026 close. Shareholder approval in April cleared a major internal hurdle, with the companies targeting completion in the third quarter subject to standard regulatory clearances from the Justice Department and international authorities. Recent reaffirmations of the timeline from Paramount leadership, combined with the ticking fee structure that begins after September, have reinforced expectations. Lingering scrutiny from U.S. lawmakers and European regulators over media concentration and editorial influence introduces the main source of uncertainty, preventing the implied probability from climbing higher.