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). New: Paramount offers written pledge to cinema chains for 30 annual movies. Regal Cinemas CEO backs merger, but Cinema United (exhibitor trade group) remains opposed. Antitrust trial set for March 2027. Paramount delays merger to June 2027. Counterpoint: Gen Z cinema attendance declining. Broader industry contraction: Amazon MGM restructures TV division, Disney cuts.