(https://www.cnbc.com/2026/07/13/paramount-wbd-merger-lawsuit.html) against the Paramount-Skydance-WBD tie-up, and this is the inflection point nobody's modeling correctly. The pattern is clear: every major media merger now faces state-level antitrust friction on TOP of federal review. That's a 12-18 month delay tax, not a noise event. What matters for your portfolio: streaming consolidation as a growth thesis just became a *compliance story*.

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