The media merger boom is hitting pause as the $110 billion Paramount-Skydance-Warner Bros. Discovery deal stalls until at least June 2027, derailed by a surprise antitrust lawsuit from state attorneys general — despite global approval. This delay is chilling the industry, making companies wary of big moves and sparking predictions of a quiet M&A winter. Even deals without obvious antitrust issues are now under scrutiny, while Paramount faces mounting “ticking fees.” With states stepping up regulatory enforcement, consolidation may shift toward partnerships instead of acquisitions — all while overall deal volume and value continue to climb.
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