Paramount and Warner Bros. Discovery remain tethered to one another as a federal court considers claims that their $81 billion deal violates antitrust law. The companies can't combine yet, meaning promised cost savings and strategic moves are on hold while rivals push ahead. The case could stretch well into next year.

Last week, Paramount said it wouldn't proceed with the merger until June 1, 2027, or until legal challenges from 12 states led by California and from the Writers Guild of America are resolved, whichever comes first. The parties are expected to begin negotiating a trial schedule in the coming days.

Paramount has pushed for a November trial, while California Attorney General Rob Bonta told The Wall Street Journal he favors a January start date. The delay keeps both companies in limbo as competitors gain ground.