Smooth Oct. 6 Close

The most likely outcome is that the leadership announcement is treated as confirmation that the Paramount-Warner transaction is ready to close on Oct. 6. Investors focus on execution certainty, role clarity between David Ellison and Ynon Kreiz, and reduced deal-risk after months of approvals and financing steps.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.