It’s becoming increasingly obvious that the merger between Paramount Skydance and Warner Bros. Discovery is not going to close next Wednesday, despite the hopes of executives at both companies. At best, the closing might happen a week later, on July 22, the new deadline that regulators in the European Union have set for approving the deal. They did so only after PSKY agreed to exit its distribution partnership in five European countries with Universal Pictures, which is still part of NBCU/Comcast. PSKY will now use WBD’s distribution system in Europe. A minor concession, to be sure, though I gather PSKY would have preferred the preexisting arrangement.