(https://www.cnbc.com/2026/08/17/paramount-bond-merger-delay-costs.html) to cover acquisition costs while state AGs litigate the WBD deal into June 2027 is the playbook inversion nobody's talking about. This isn't M&A financing — it's M&A life support. The company is essentially borrowing to fund operational drag on a deal that may never close. That's not accretive capital allocation; that's burning runway while betting on a legal outcome outside your control.