Who will close Warner Bros. acquisition?

California Cancels Talks With Paramount Over Warner Bros. Merger

Paramount, California AG to meet over possible settlement in $110B Warner Bros. Discovery merger lawsuit

Paramount and California to Hold Preliminary Talks on Warner Bros. Deal

Live: Paramount has prevailed over Netflix in recent months, putting $111 billion on the table to acquire Warner...

Paramount asks states, WGA to post $1.9B bond to cover merger pause losses

David Ellison's Paramount wants its WBD merger challengers to put up nearly $1.9 billion

Paramount Asks States to Shoulder Costs of Delaying Warner Bros. Deal

Prediction market traders see roughly 1-in-4 odds Paramount’s bid to buy Warner Bros. Discovery fails

PARAMOUNT SOURCE SAYS IT WILL NOT SELL CNN TO CLEAR LEGAL ROAD FOR WBD ACQUISITION

PARAMOUNT SKYDANCE CLEARS ALL REGULATORY CONDITIONS FOR WARNER BROS. DISCOVERY DEAL • • The company says it has secured clearances in nearly 70 countries worldwide, satisfying all regulatory conditions under the merger agreement. $PSKY $WBD

BILL ACKMAN JUST BOUGHT BACK INTO NETFLIX $NFLX STOCK • • Here is the full statement Ackman put out about why he made the move: • • "Netflix (NFLX) • • We acquired a position in Netflix, a business we briefly owned in 2022 and have followed closely ever since. Netflix is the dominant global streaming platform with over 325 million subscribers, nearly double the combined base of its two closest competitors, Disney+ and HBO Max. When we first invested in early 2022, investors feared an escalating content arms race among a crowded field of streaming entrants. At the same time, cash content spend substantially exceeded content amortization, weighing on free cash flow. The launch of a previously disavowed advertising tier added further uncertainty. • • Netflix has since effectively won the streaming wars. Its subscriber base now exceeds any competitor's by a wide margin, and that scale is self-reinforcing. Netflix can outspend rivals on content while spreading the cost across the industry's largest user base, improving both the value proposition for subscribers and profitability for the company. Content discipline has followed, with cash content spend growing at just a 2% annual rate since 2021 and EBIT margins expanding from 21% to approximately 31.5% today. Netflix now converts approximately 90% of earnings into free cash flow, primarily redeployed into share buybacks. Advertising has scaled rapidly toward $3 billion of revenue this year and its lower-priced ad-supported tier broadens the addressable market among price-conscious consumers, particularly in international markets. Over the last five years, Netflix has grown revenue 12%, operating profit 21%, and EPS 27% annually. • • Our opportunity arose after Netflix's share price fell ~50% from its June 2025 high of $134, de-rating from over 40 times forward earnings per share to 21 times. The decline began with prolonged uncertainty around the company's bid for Warner Bros. Discovery, which it ultimately lost in February 2026, enabling it to collect a $2.8 billion termination fee. Investor focus has since shifted to plateauing engagement trends and the longer-term risk AI-generated video poses to content creation. • • With respect to engagement, investors have been intently focused on watch time metrics without appropriately considering the quality of that watch time or the impact of geographic mix shifts. Live programming, for example, represents a small fraction of watch time yet is instrumental in driving sign-ups and retention. Investors are similarly concerned about competition from short-form video, but we view short-form video as a distinct offering from scripted content rather than a direct competitor. • • In our view, time reallocated toward short-form video is far more likely to come from share donors like linear TV or lower-quality streaming services than from a utility-like service such as Netflix. To that end, the ramp up in short-form video consumption has been most acute over the past two years yet has had no discernible impact on the company's results. On AI, we believe concerns understate the cost of generating long-form, high-quality video, which remains among the most compute-intensive AI tasks. If compute costs remain elevated, Netflix's ability to amortize content investment across the largest user base in the industry remains a highly valuable competitive advantage. Moreover, AI should meaningfully enhance the company's content recommendation engine and ad targeting capabilities. • • Looking forward, we expect Netflix to compound revenue at a double-digit growth rate, with content costs growing more slowly than revenue driving continued margin expansion. Combined with a robust buyback program, we estimate earnings should compound at close to 20% annually. We believe the company's current valuation multiple represents a substantial discount for a business with such a strong growth profile and dominant market position."

Paramount "Considering Sale of CNN for Warner Merger"

Paramount keeping CNN sale ‘on the table’ in attempt to resolve lawsuit over Warner Bros deal

Tuesday: Paramount Chief Legal Officer Makan Delrahim tells Politico that "everything is on the table" in terms of finding resolution for deal, but notes that AG Rob Bonta himself already said this isn't about CNN. • • Wednesday morning: Reuters reports "Paramount says CNN sale 'on the table' to resolve California suit over Warner Bros deal." • • Wednesday afternoon: Polymarket reports "Paramount Skydance is reportedly considering selling CNN."

NEW — Top Judiciary Dem Jamie Raskin said anyone involved in Paramount’s attempt to purchase Warner Bros. Discovery “should be prepared to answer under oath.” • • Raskin told @politico if David Ellison “thinks he can run out the clock on Congressional scrutiny of his massive media mergers and blockbuster corporate deals, he’s mistaken.” • • Paramount’s top lawyer told @alexanderburns that Paramount is “happy to cooperate” with Dem oversight. • • “You can allege all you want. There is no corruption here.” • •

Paramount-Warner Bros Discovery antitrust trial date set; merger put on pause over legal battle

Paramount Agrees To Pause Its Merger With Warner -- WSJ

Paramount postpones Warner acquisition until June 2027 due to lawsuits in 12 US states

Paramount and Warner Bros freeze $110bn merger until 2027

Paramount Skydance agrees to hold off on closing its Warner Bros. Discovery merger for up to a year.

Paramount and Skydance agree to pause their acquisition of Warner Bros. Discovery while a court challenge from 12 states moves forward. • • The delay could prove costly. Paramount may owe up to $1.7 billion in ticking fees if the deal isn't completed, with penalties climbing by $7 million a day after September 30. • • California and 11 other states argue the merger would create a media giant with too much power over the film and television industry. • • "We look forward to proving our case ​at trial," Paramount's spokesperson said.

Nach Wettbewerbsklage: Paramount setzt Übernahme von Warner Brothers aus

Entertainment: Paramount suspends Warner acquisition for now

Paramount to delay Warner Bros. merger until as late as June 2027

Reuters: PARAMOUNT AGREES NOT TO CLOSE WARNER BROS ACQUISITION UNTIL A COURT RULES ON STATES' CASE OR JUNE 1, 2027 - COURT FILING

Paramount Agrees to Pause Its Warner Bros. Merger -- WSJ

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge

Breaking: Paramount announced Friday afternoon that its takeover of CNN’s parent company, Warner Bros. Discovery, will be delayed for many months, and potentially well into 2027, due to pending lawsuits by state attorneys general and the Writers Guild of America. @CNN reporting

Breaking: Paramount says that its takeover of CNN’s parent company, Warner Bros. Discovery, will be delayed for many months, and potentially well into 2027, due to pending lawsuits by state attorneys general and the Writers Guild of America

Paramount Skydance agrees to halt Warner Bros. merger until at least next June