Warner Bros. Discovery and Skydance of Paramount are negotiating a $110.9 billion merger at $31 per share. Despite lawsuits from twelve US states including California and New York, traders remain confident as the merger arbitrage spread has tightened to its narrowest since March, around $3 per share, indicating the market anticipates the deal will close. US (DOJ) and UK regulators have already approved the transaction, with the antitrust trial scheduled for March 2027. The combined entity could generate approximately $70 billion in annual revenues if the merger is completed.
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