Paramount has said it will pause its proposed acquisition of Warner while legal challenges to the transaction are considered. The decision delays a major potential reshaping of the media industry and leaves the future ownership and strategy of the companies uncertain.

The pause means Paramount will not proceed with the deal’s next steps until the relevant court cases are resolved. The legal challenges could affect whether the acquisition can go ahead, be altered, or be abandoned, with implications for competition, jobs, film and television production, and streaming services.