Paramount Skydance has delayed closing of its Warner Bros. Discovery merger until a court resolves a 12-state antitrust challenge led by California, or as late as June 2027. The pause follows a temporary restraining order and ongoing litigation, with the states contending the deal would reduce competition in film, TV, and streaming markets. Paramount says the pause will allow a merits ruling and demonstrates benefits to competition, consumers, and creators, while critics warn the merger could empower a media behemoth and limit choices. The arrangement could cost Paramount shareholders roughly $7 million per day if the deal does not close by the deadline, and the company’s stock has fluctuated on the news. Courts have scheduled or canceled hearings as part of ongoing injunctions and merits determinations, highlighting the high-stakes nature of the dispute for Hollywood’s competitive landscape.