NEW YORK, July 24, 2026, 19:03 EDT — U.S. regular session has ended.
- PSKY ended Friday at $8.21, a decrease of 3.3% for the day and down 6.2% since July 17.
- Each day past September 30 adds costs of roughly $7 million, with the sum possibly climbing to $1.7 billion.
- The parties are required to file their trial scheduling proposals by July 31. Paramount is set to announce its quarterly earnings on August 4.
Paramount ended Friday at $8.21, after hitting its 52-week low of $8.17. Shares dropped after a court decision halted its proposed acquisition of Warner Bros. Discovery, Inc. NASDAQ:WBD.
The legal holdup directly adds to acquisition expenses. Past September 30, extra costs accumulate at an approximate rate of $7 million each day.
The highest mentioned payout stands at $1.7 billion, representing roughly 18.5% of Paramount’s $9.18 billion market capitalisation.
Approximate early estimates, rounded:
| Delay after September 30 | Additional fee | Percentage of PSKY market capitalization as of Friday |
|---|---|---|
| 30 days | $210 million | 2.3% |
| 90 days | $630 million | 6.9% |
| Maximum reported up to June 1, 2027 | $1.70 billion | 18.5% |
Figures are determined by the stated daily rate and Friday’s market price. The final payout will be based on the date of closing.
Paramount stock declined 3.3% on Friday and was down 6.2% since the July 17 close, while WBD dropped 4.1% during the same period.
WBD closed at $25.77, compared to Paramount’s $31 per share cash bid. This results in a 20.3% gross deal spread ahead of any timing or discount considerations.
The Nasdaq Composite declined about 2.1% over five days. That put Paramount’s loss at nearly four percentage points behind the index.
Under Friday’s agreement, the firms will remain independent until five days following a merits decision. The latest allowed date is June 1, 2027.
California and 11 additional states launched the legal challenge on July 13, arguing the merger would reduce competition in both film and television sectors.
Paramount stated on Friday, “We look forward to proving our case at trial.” Paolo Pescatore from PP Foresight previously described the legal action as “the most credible threat yet.” Reuters
A trial date is yet to be determined. Each party is required to submit their proposed timelines by July 31.
The schedule is significant. Analysis by Reuters showed that similar merger disputes have typically taken about eight months for a decision.
The U.S. loss followed conditional approval from the European Union by two days. Paramount is required to exit its EEA film-distribution partnership within 13 months after deal completion. Conduct restrictions remain in place for ten years.
Paramount also prolonged the deadline for related note tenders and exchanges to August 7. As of July 23, 66.17% of tender notes and 76.38% of exchange notes were submitted. The company described these numbers as non-final.
The upcoming operating update is scheduled for August 4 alongside second-quarter earnings. Investors are expected to concentrate on cash flow and funding for acquisitions.
Risks: Should the trial or settlement occur sooner, the ticking fee would decrease. If the deal does not proceed, a $7 billion regulatory breakup fee could result. There are sufficient existing commitments, with funding provided via Class B shares to Ellison parties at $16.02.
Each week past September 30 increases the value of PSKY by about $49 million. This now serves as the updated timeline for PSKY’s valuation.
