Paramount-Warner merger closing gate path: vote, regulators, federal TRO, close Regulatory & legal gate path Feb 27, 2026 → Jun 1, 2027 Terminal states where the path resolves Definitive agreement Feb 27, 2026 WBD shareholder vote DOJ review no challenge Jun 12, 2026 EU review w/ conditions Jul 22, 2026 State AG litigation filed Jul 13, 2026 Federal TRO blocking close Jul 20, 2026 Close cash $31.00/sh after 5-day wait Outside date ~$31.68/sh Jun 1, 2027 Reverse term. fee $7B (~$2.79/sh) Paramount owes WBD ticking fee +$0.00278/sh daily after Sep 30, 2026
Scenario:
cleared cleared w/ conditions active litigation blocking (TRO) pending

Each gate is a calendar gate on a linear path. The deal closes only if every gate clears and the 5-day waiting period runs. The July 20, 2026 federal TRO is the live swing factor: it halts close today. Failure or further delay pushes WBD away from $31 cash toward standalone; an outright regulatory failure triggers the $7B reverse termination fee.