Scenario description
Assume Paramount completes its acquisition of Warner Bros. Discovery in the United States within the observation window after the federal judge-approved settlement with 12 state attorneys general, and the companies begin operating as a combined media entity under the announced leadership structure. The known scope is the reported roughly $110 billion media combination involving Paramount and Warner Bros. Discovery; the supplied evidence does not provide final financing terms, exact post-close ownership percentages, or any detailed asset divestiture schedule beyond the settlement context.