(https://www.cnbc.com/2026/07/20/paramount-wbd-merger-delay.html) on antitrust grounds. This isn't noise—it's the final nail in the legacy studio playbook. For years, consolidation was the answer to streaming's margin squeeze: merge, cut redundancy, negotiate leverage with streamers and theaters. That game is over. What happens next is brutal. Studios can't raise licensing rates to streamers without antitrust scrutiny.

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