Paramount Skydance-WBD merger milestones and closing-window timeline

All-cash tender at $31.00/share, ~$110.9B deal value. The August 12-13 insider sales cluster landed between the July 24 stipulation and the October 1 ticking-fee start.

Sign and clear phase Litigation and stipulation Ticking-fee accrual and trial Feb '26 Jun '26 Oct '26 Feb '27 Jun '27 Oct '27 Timeline Definitive merger agreement signed Feb 27, 2026 Apr 23, 2026 WBD shareholder vote approved DOJ closed investigation Jun 12, 2026 Jul 20, 2026 State AG lawsuit; TRO issued EU clearance (with remedies) Jul 22, 2026 Stipulate to delay closing to Jun 1, 2027 Jul 24, 2026 Oct 1, 2026 Ticking-fee accrual begins (~$7M/day) Antitrust trial (Mar 2-19, 2027) Mar 2, 2027 Jun 1, 2027 Outside date (deal deadline) Aug 12-13, 2026 Insider sales cluster Fisher, Merchant, Zaslav stipulation Jul 24 ticking-fee start Oct 1 70-day window of maximum deal uncertainty before price-raising fee began running
Procedural milestone
Regulatory clearance
Blocking / litigation event
Closing economics
Trial
Insider-sales window (Jul 24 - Oct 1, 2026)
Milestone events in chronological order