Paramount Skydance has formally agreed to delay its $111 billion acquisition of Warner Bros. Discovery until after an antitrust trial, replacing its earlier attempt to obtain swift approval for the deal. The agreement gives the coalition of state attorneys general more time to challenge the merger, which they argue would reduce competition in cable television and cinema.

The company cannot complete the transaction until five days after a trial takes place or 1 June 2027, whichever comes first; no trial date has been set. Twelve states led by California had already secured a 28-day temporary restraining order, while Paramount had sought to close before 30 September, when it would begin paying Warner Bros. investors a $7 million daily fee.