On September 21, Warner Bros. Discovery rose 5.04% overnight, trading at $29.75/share, with turnover of $88,800. The stock surged alongside Paramount Skydance after reports emerged that settlement negotiations over their proposed $110 billion merger have entered the late stages, with a deal framework largely in place and an agreement potentially coming as early as this week.

The positive momentum follows a series of critical milestones. The Federal Communications Commission formally approved Paramount Skydance's petition to allow foreign funding exceeding 25% in the planned acquisition, removing another key regulatory hurdle. Paramount Skydance had previously satisfied all regulatory clearances required under the merger agreement, securing approvals across nearly 70 countries. A court-mandated settlement conference with state attorneys general and the Writers Guild of America was scheduled for October 14, with both sides required to file settlement statements by October 7. The California-led antitrust lawsuit remains the sole impediment to closing, with trial set for March 2027. Paramount is also reportedly in discussions to divest certain cable television channels to satisfy regulatory demands.

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