Legal challenges from 12 states have emerged as the dominant factor keeping "No" at 71.4% for a 2026 close. After the Justice Department cleared the $111 billion Paramount Skydance-Warner Bros. Discovery deal in June, attorneys general filed antitrust suits alleging reduced competition in film distribution, cable networks, and streaming. A federal judge issued a temporary restraining order in July, prompting Paramount to agree to a voluntary pause until June 2027 or final court resolution. This timeline directly conflicts with the year-end deadline, outweighing earlier regulatory approvals and projected synergies in streaming platforms and content libraries. Traders see limited near-term catalysts capable of accelerating the case.