This market will resolve according to the first entity that acquires control of Warner Bros. Discovery's studios and streaming businesses by June 30, 2027, 11:59 PM ET.

Transactions that involve only Warner Bros. Discovery's linear television networks, news channels, or other non-studio, non-streaming assets, without also transferring control of its studios and streaming businesses, will not qualify.

Announcements of non-finalized arrangements — including, the currently announced Netflix agreement to acquire Warner Bros. Discovery’s studios and streaming businesses — will not qualify.

If no entity acquires control of Warner Bros. Discovery's studios and streaming businesses by June 30, 2027, 11:59 PM ET, this market will resolve to "None by June 30 2027".

Resolution will be based on by a consensus of reporting.