Paramount Skydance shares fell 5% to $9.80 after a federal judge approved the antitrust settlement clearing the final legal obstacle to its acquisition of Warner Bros. Discovery. Paramount Skydance said the merger is expected to close on October 6. The buyer priced $41.4 billion of senior secured notes across first-lien and second-lien tranches, alongside €885 million of second-lien notes and incremental dollar- and euro-denominated Term Loan B facilities. The financing will help fund the purchase price, repay certain existing debt and cover related transaction needs, using proceeds alongside cash on hand and previously announced equity and borrowing. The secured notes alone are nearly four times Paramount Skydance's $10.77 billion market capitalization, underscoring the leverage being assumed by the buyer. Warner Bros. Discovery shares were flat at $30.96, while Netflix fell 2% to $68.34. Paramount Skydance's combination with Warner Bros. would create a larger rival to Netflix and Disney across studios, streaming, television and news. The court-approved settlement imposes minimum theatrical releases and required windows, domestic production spending requirements, restrictions on selling or closing the Paramount and Warner Bros. studio lots, separate cable-distribution negotiations for each portfolio, and an editorial independence board for CBS News and CNN.