The $110 billion Paramount Skydance acquisition of Warner Bros. Discovery, announced in February 2026 after a bidding war that sidelined Netflix, now trades at 68.6% odds of closing by year-end because shareholders overwhelmingly approved the deal in April and both parties target a third-quarter close pending U.S. and international regulatory sign-offs. Key catalysts include finalized financing, a ticking fee that incentivizes speed, and statements from Paramount executives signaling momentum despite lingering foreign-ownership scrutiny and calls for FCC review. Remaining hurdles center on antitrust and media-concentration reviews that could introduce modest delays, yet historical precedent for similar media mergers and the absence of major blocking conditions support the current trader consensus that closure remains the most probable outcome well before December 31.