The Department of Justice has approved the proposed merger between PSKY and WBD, clearing what was widely seen as the single largest regulatory hurdle for the deal. PSKY reported FY2024 revenues of $29.2B (down 1.5% YoY) with a deeply negative net margin of -21% and diluted EPS of -$9.34, while WBD posted $37.3B in revenue (down 5.1% YoY) with a razor-thin 2% net margin and $0.29 EPS — both companies are bleeding in a structurally challenged legacy media environment.

With the DOJ approval in hand, the market is now pricing in deal-close certainty, but the real question is whether combining two revenue-declining, debt-heavy media businesses creates durable value or simply accelerates the decline at scale. Watches include the final shareholder votes, any remaining FCC clearances, deal exchange ratios, and early commentary on post-merger cost synergies and streaming strategy.