The specific topic was whether Paramount would be allowed to merge immediately with Warner while the merger trial was ongoing, or whether the judge would keep the companies separate. Judge Martínez-Olguín issued a temporary restraining order (TRO) preventing Paramount and Warner from merging for 14 days. On Wall Street, the conventional wisdom has moved from “this merger’s going through easily” to “this merger may get stopped.” But ultimately, she will have to let the merger close, or issue a slightly different order, what’s known as a preliminary injunction. And that one, if she issues it, will last until the trial, which would, if it were a normal merger trial, take place in 2027.