In case you aren’t aware (maybe you live in a box), a federal judge put the Paramount-Warner Bros. Discovery merger on temporary ice due to lawsuit filings from several states claiming monopolistic concerns. This is impactful because it has intense implications for the ad market as we hit the back half of 2026 and look ahead to 2027. Combining Paramount’s inventory with Warner’s provides scale, quality and leverage across linear, streaming and sports. Once they are aggregated and aligned, there could be a strong negotiating position for the buyer, not just the seller.