WBD Sale / Paramount-Skydance Consolidation

12 state AGs lawsuit to block $110B merger; Paramount defends with 24 cleared jurisdictions, DOJ approval, and consent decree commitments (30 films/year, 45-day PVOD, 90-day SVOD). Regal CEO backs merger, Cinema United opposes. Antitrust trial set for March 2027; merger delayed to June 2027. David Ellison threatens to relocate Paramount out of California; CA AG Bonta calls it 'blackmail'. DGA and IATSE urge fast-track settlement with conditions, including 45-day windows and separate studios. A new analysis weighs the realism of all nine guild conditions, noting pushback from Ellison. Labor-backed push could shape consent decree and theatrical windowing norms.