Paramount–Warner Bros. Discovery transaction does not close within the observation window

Assume Paramount does not complete its acquisition of Warner Bros. Discovery within the observation window because closing is postponed, enjoined, terminated, or otherwise prevented by remaining legal, regulatory, financing, settlement, or transaction-condition issues. The known scope is the same reported roughly $110 billion Paramount-Warner Bros. Discovery combination; the supplied evidence does not identify a new required divestiture, a specific failed financing amount, or a quantified cost from any delay.