**Ongoing multistate antitrust litigation has forced Paramount Skydance to agree to delay closing its proposed $110–111 billion acquisition of Warner Bros. Discovery until after a trial or June 1, 2027, making completion by the end of 2026 highly improbable.** A federal judge set the trial for March 2, 2027, following a July 2026 lawsuit by 12 state attorneys general (led by California) and the Writers Guild of America that challenges the deal on competition grounds in film, cable, and streaming. Paramount stipulated to the extended timeline to resolve the case, and while the DOJ approved the transaction earlier and some international clearances have been secured, the U.S. court process now dominates the schedule. Recent developments include bond-related hearings and partial state pushback, but the core legal timeline remains unchanged. Traders view the 76.1% “No” odds as reflecting this structural barrier, with any acceleration dependent on a swift settlement or unexpected procedural wins before year-end.