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Most large mergers do not die in a courtroom. They die of exhaustion.The lawyers stay expensive. The financing goes stale. The executives who staked their reputations on the thing start quietly updating their contact lists, and one morning somebody runs the numbers and decides the prize is no longer worth the wait.That part never makes the press release.For most of this year, media consolidation has been treated as a formality. Warner Bros. Discovery (WBD) put itself up for auction in late 2025, Netflix (NFLX) bid and lost, Paramount Skydance (PSKY) won with cash, and the Justice Department cleared the deal in June without demanding a single change.Wall Street priced the rest as paperwork. Traders who buy merger spreads for a living treated the remaining approvals abroad as speed bumps.That assumption cracked Monday, when a federal judge in Oakland barred Paramount from closing its $110 billion purchase of Warner Bros. Discovery through August 3, after a coalition of states led by California argued the combination would strangle competition in film and television.The states made a “strong showing” that the deal would unlawfully decrease competition, according to Reuters.

Judge halts Paramount’s $110 billion Warner deal; every day of delay now costs millions.Justin Sullivan / Getty Images

Why the Oakland ruling stings more than the state lawsuit didThe lawsuit itself was no surprise. California and 11 other states filed on July 13, and Paramount dismissed the challenge as “one of the weakest merger challenges in modern antitrust history,” according to NBC News.July 20 changed the register. Judge Araceli Martínez-Olguín found the states had raised questions serious enough to freeze the deal, writing that the balance of equities “tips sharply in favor of the requested injunctive relief,” according to Variety.More Entertainment:Disney weighs new free offering as consumers ditch paid streamingNetflix’s move to buy Letterboxd sends a key signal to investorsHollywood’s next streaming gamble stars an actor who isn’t humanShe also accepted, at least for now, the states’ claim that the combined company would control 27% of the market for distributing widely released films. Paramount’s answer, that Amazon and Apple have moved into moviemaking, did not persuade her.The judge agreed on the point that decides most merger fights, which is that closing is nearly impossible to reverse. Once the companies start cutting jobs and swapping competitively sensitive information, unwinding the combination later becomes a legal fiction.New York Attorney General Letitia James called the ruling a victory for everyone the merger would hurt and said she intends to keep fighting.Related: Paramount’s Warner deal has a new $650 million problemWhat the merger spread says about Paramount’s real oddsI ran the closing price against the deal terms, and the gap is the whole story. Warner Bros. Discovery finished its last full session before the ruling at $26.87, according to Zacks, then fell as much as 4% Monday afternoon. Call it roughly $25.80 against a contracted payout of $31 in cash, a discount of about 17% on a transaction Washington already blessed.Merger arbitrageurs do not leave that kind of money on the table when they think a deal closes on schedule. That spread is the market’s honest read on legal risk, and it widened for a reason.The prize explains the persistence. The deal would put two century-old studios, CBS, CNN, HBO Max and Paramount+ under David Ellison’s control, building a company sized to fight Netflix and Disney (DIS) directly.Not everyone reads the threat the same way. Needham told clients the state lawsuit would not derail the transaction, according to TipRanks. The Writers Guild of America filed its own challenge on July 14.How a ticking fee turns delay into leverage for the statesThe states do not need to win the case. They need waiting to cost something, and the merger agreement already did that work for them.For every calendar day the deal slips past September 30, Paramount owes Warner shareholders a ticking fee worth about $7 million.My arithmetic on that number is unforgiving. If the August 3 hearing produces a preliminary injunction that holds through a trial finishing near year end, the clock runs about three months past the deadline. That is roughly $630 million paid out for the privilege of waiting, against a stock that has already lost close to 30% this year.The states are working from the Clayton Antitrust Act, a law more than a century old that bars anticompetitive acquisitions, and they have a fresh template. Nexstar Media Group’s (NXST) $6.2 billion purchase of Tegna (TGNA) was frozen by a similar injunction, according to CNBC.How the deal reached this point:Paramount raised its bid to $31 a share in February and Netflix withdrew, calling the rival offer superior, according to Stocktwits.The Justice Department closed its review in June and required no changes to the transaction, according to Stocktwits.Paramount offered remedies in Brussels on July 1, pushing the European decision deadline to July 22, according to Deadline.Twelve states filed in Oakland federal court on July 13, according to CNBC.What Paramount and Warner investors should watch after August 3The August 3 hearing decides whether this pause becomes a hold. A preliminary injunction would keep the deal frozen until trial, which the states themselves expect to run for months.Two other clocks are ticking. The European Commission faces its July 22 deadline on Paramount’s proposed remedies, which reportedly include exiting its film distribution venture with Universal. In Britain, the culture secretary has said she is minded to intervene, calling the union “unprecedented,” according to Deadline.Here is what that 27% figure means away from the tickers. Fewer distributors means fewer buyers bidding on scripts and less leverage for theater owners negotiating their share of what you pay at the box office. Two streaming services becoming one means one less service fighting for the money leaving your account every month.Paramount can still win this. It has already beaten a rival bidder, a federal antitrust review and a shareholder vote.What it cannot do is win quickly, and the contract Ellison signed makes slow expensive. If you own either stock, the number that matters now is not the verdict. It is the calendar.Related: Paramount-WBD deal faces legal hurdle, delays

Ready to retire overseas but not sure where to start? In this episode, Kathleen Peddicord—founder and publisher of Live and Invest Overseas—breaks down why retiring abroad is becoming mainstream and gives you a practical framework to choose the right country based on your real priorities.Jeffrey Snyder, Broadcast Retirement NetworkWell, we’re gonna welcome back to the program, Kathleen Peddicord. She is the founder and publisher of Live and Invest Overseas.And she’s back with a new book, Where to Retire Overseas. Kathy, it’s great to see you. Thanks for joining us this morning.Kathleen Peddicord, Live and Invest OverseasHello, it’s great to be back speaking with you again.Jeffrey Snyder, Broadcast Retirement NetworkIt’s a pleasure, the pleasure is all ours. And you have had a fabulous journey. Before we get into the book, let’s talk a little bit about your background.You, I think you kind of are bi, you live in multiple countries.Kathleen Peddicord, Live and Invest OverseasI don’t know what the correct terminology is.Jeffrey Snyder, Broadcast Retirement NetworkMaybe I’m bi-continental, I don’t know. Bi-continental, that’s what you are. That’s what I was thinking.So tell us, set us up with your journey just real quick, and then we can kind of get into the book. Cause you do some amazing things.Kathleen Peddicord, Live and Invest OverseasWell, thank you for that. So I left Baltimore, Maryland, where I grew up.Jeffrey Snyder, Broadcast Retirement NetworkAnd I grew up there too.Kathleen Peddicord, Live and Invest OverseasThat’s right. Yeah, exactly. I remember that from when we last spoke.I left there at the age of 35 and moved to Waterford, Ireland and lived there for seven years, then to Paris and was based there for four years and then moved to Panama and was in Panama full-time for about 12 years. And then for the past several years, been dividing my time between Panama and Paris. So part of the year in Paris, because I just love it.For me, Paris is the world’s best place to be. If I could be anywhere, that’s where I would likely choose if I had to choose one place. And then Panama, because it makes so much sense for business especially, and we have a lot of investments there.So it is a very split world, you know, between if I, we talk always about considering the world map in the context of fun and profit. For me, if you’re going to have fun, go to Paris. That’s my kind of, that’s my idea of fun.If you want to make some money, go to Panama.Jeffrey Snyder, Broadcast Retirement NetworkThere you go. I mean that, and by the way, I know you’re from Baltimore as am I. Orioles, I don’t know if you’re still an Oriole fan, they’re just not doing too well.Kathleen Peddicord, Live and Invest OverseasSo- I am a huge Oriole fan and I’m sorry to hear that.Jeffrey Snyder, Broadcast Retirement NetworkYeah, they’re just like five games under 500 days underperformed. Anyway, that’s another show. We’ll bring you back.We can talk about live and invest overseas while being an Oriole fan. That’s part two of this program.Kathleen Peddicord, Live and Invest OverseasThat sounds very fun.Jeffrey Snyder, Broadcast Retirement NetworkSo, it seems like, as we kind of transition into our discussion about the new book, it seems like more and more Americans want to live overseas. I mean, this is not a new trend, but it is a newer trend, Kathy.Kathleen Peddicord, Live and Invest OverseasIt is not a new idea, but it is finally not a crazy idea, is the way I would put it. It’s kind of becoming mainstream. And there was a poll, a survey taken last year that found that one out of every three Americans was interested in the idea of retiring overseas, but just didn’t know how to make it happen or get started.One out of every three, that’s ridiculous, right? That’s such a, you know, to me, mind boggling percentage of Americans, more than a third. But I understand it because in the context of everything going on in the world and in the United States right now, inflation, rising costs, healthcare, you know, a lot of concerns for the people for whom this idea is especially appealing and interesting, which is those nearing or in retirement.Jeffrey Snyder, Broadcast Retirement NetworkSo when you decided to write the book, I mean, obviously you had this plethora of experience living on multiple continents, multiple areas, building a very successful business. When you look at where to live, I mean, if I was kind of going through this process, look, I love America and you’re right, we face a lot of challenges. I look at the gas pump, it’s at 371 here in Charlotte, not really liking that.I enjoyed it when it was under three, not sure if we’ll get back to it anytime soon, but where do you kind of, how do you figure out? So if you’re taking Jeff Snyder through the process of where he wants to live overseas, I have a few ideas, but how do you start?Kathleen Peddicord, Live and Invest OverseasThat is the best question. You start by taking stock of your priorities and objectives. What is most important to you and what do you want your life to look like?And I suggest going very old school, take out a pad of paper and a pen and make lists. These are the things I want my life to include. These are things I never want to deal with again.And they can be anything from, I never want to shovel snow again to I absolutely want to be able to wake up steps from the beach every morning. That’s the most important thing to me. And then they can be more mundane kinds of things like I don’t want to live somewhere where I have to own a car.I want to be able to walk everywhere I need to go every day. Or they can be not as, not really fun, sexy topics, but critically important. Like I want to, I need to be somewhere where healthcare and health insurance are more affordable than where they are for me right now.Jeffrey Snyder, Broadcast Retirement NetworkSo I was going to ask you about that. I would think that as we age into retirement and retire can be a different, you know, it used to be age 65, but candidly, Kathy, it’s not that anymore. People are working longer and longer for a lot of reasons.Inflation is one of them. People maybe enjoy it or they’re transitioning in different roles. But that healthcare cost, it’s really going to go up.So you probably want to maybe prioritize that one. Yeah, you want to be able to hop around the city or not have a car, but healthcare is going to be important. You want to have access to good doctors or, sorry, go ahead.Kathleen Peddicord, Live and Invest OverseasExactly. I don’t mean to cut you off, but that is such an important point. And I’m hearing every day more and more from readers, attendees at our conferences, et cetera, that this is a driving agenda.This is increasingly the priority agenda. And to put things in perspective, I spoke with a woman just a couple of weeks ago, an American from North Carolina who retired last year, moved to Tarragona, Spain. And she said that the deal breaker for her, because like everyone, you have doubts, you have concerns, maybe you’re afraid, it’s intimidating, can be overwhelming.You can feel stuck and get paralyzed and not know how to proceed. So she had considered all the factors, had made a plan, but then what really was the critical determining factor for her that, as she said, allowed her to muster the courage to make the move was when she realized that living in Tarragona, Spain, her cost of health insurance would be less for her annual premium than it was what she was paying monthly in North Carolina. So what she was paying per month in North Carolina was more than she was gonna spend per year living in Spain.And she said, I realized with that much budget change, so many other things didn’t matter. I was trying to calculate as she put it in the margins of 5% here, a few dollars there. She said, but that was just monumental.And then it made everything else much easier.Jeffrey Snyder, Broadcast Retirement NetworkYeah, I think you’re absolutely right. Just kind of from the outside looking in, you prioritize. And once you get your big priorities, everything else kind of falls into place.Let me ask you about money. Transitioning from here in the US, we use the dollar. Other countries may use the Euro.They may use another denomination of currency. How does that factor in to the decision-making of where to retire overseas?Kathleen Peddicord, Live and Invest OverseasIt’s a really important factor for someone, especially on a fixed retirement budget. If you are still earning income, if you have a steady investment income, you have more margin for error. But especially if you’re moving on a very fixed retirement budget, you don’t have margin for error.You need to do your sums very carefully. And you need to take into account that the currency can move in your favor, which means, yay, you just got a raise that year or that month, or it can move against you. And if your budget is too tight and the currency moves against you, well, then you can have a big problem.So we recommend a couple of things in that context. One, if you’re going to move to a place where the current local currency isn’t the US dollar, don’t cut it close. Don’t move somewhere where your budget is exactly, you’re going to be spending exactly what you have to spend.You do need some give in your budget because you need to allow for currency fluctuations. Two, set aside a kind of sinking fund, a fund of money that you can tap into if there’s a period of months or longer where the currency goes against you and you’ve figured a budget of, just to use easy numbers, $2,000 a month, and suddenly it’s 22 or 23 or $2,400 a month because the exchange rate moves that much. You need to have a little fund set aside to tap into.And then finally, one really big thing you can do, if you’re feeling pretty confident that this is the place you want to be long-term, go ahead and buy a place to live rather than renting because housing cost is the biggest part of any budget. So if you buy right now at whatever the exchange rate is when you make the move, then you’ve taken that housing cost off the table. And without that, to worry about, the rest of your budget can be much more easily managed in the context of currency changes.Jeffrey Snyder, Broadcast Retirement NetworkSo Kathy, with the healthcare decided, the currency or how to manage that, how do you, what about banking? I mean, a lot of Americans here bank with larger or regional banks. Do you have to, is it best practice to get a local bank or can you still bank at Bank of America, JP Morgan, Truist, all, you know, do they have branches overseas?Kathleen Peddicord, Live and Invest OverseasI’m assuming- So they don’t have branches overseas. So the bank you work with in the US is not going to be the bank you work with wherever you go. But we generally recommend keeping a bank account in the States and then also opening an account where you move.So you’ll need an account even just to pay local bills. You can, and then also if you’re collecting social security you can arrange to have your social security direct deposited into that bank account where you’re moving to. You could also just continue having your social security direct deposited into your account in the US and access it via cash withdrawals from an ATM.But the most efficient way is to have a local bank account, have your any monthly income deposited there and then operate, that’s your operating account. But it’s a good, it’s always good to have redundancies and backups. And there’s, if there’s no reason to get rid of your bank account in the US, it’s best just to keep it.Jeffrey Snyder, Broadcast Retirement NetworkYeah. Yeah, I could see that. And I’m assuming the internet works in pretty much every country.Kathleen Peddicord, Live and Invest OverseasIn today’s world, banking is so much easier than when I moved overseas. I made my first move almost 30 years ago. This was pre-internet, pre-online banking.Things were so much harder. So today I’m excited for people looking at this today because there’s so many challenges that someone 10 years ago even faced. This is easier all the time because right, banking online, banking today is mostly all online and you can do that from anywhere in the world.Jeffrey Snyder, Broadcast Retirement NetworkI should have asked you this question like second or first but let me kind of go back. If I decide to retire overseas, do I have to renounce my US citizenship or can I remain a US citizen, number one? And two, what about taxation?Do I still pay taxes to the United States and to the district that I’m in, the country that I’m in? How does that work?Kathleen Peddicord, Live and Invest OverseasYeah, great questions. First of all, no, you do not lose your US citizenship. You can’t lose your US citizenship by accident.It just can’t happen. You have to renounce it. It’s a process.It requires an FBI interview. It’s a whole big thing that isn’t going to happen accidentally. So you don’t have to worry about that.On the other hand, as long as you remain a US citizen, yes, you do have a tax obligation in the US but it’s not necessarily that you owe money, that you owe taxes. You have a filing obligation and you may or may not owe taxes in the US and it gets, it’s very personal and it can get a little complicated depending on where you earn your money and what kind of money it is, passive or active income. And again, where it comes from.You will have a tax situation to address wherever you move in the jurisdiction where you decide to move to. And then as an American, you will retain your US tax filing obligation. Who you actually owe tax payments to will depend on a lot of factors.As a retiree, you definitely should not end up paying more tax. You may pay the tax differently. You may pay some to the country where you’re moving that will then be offset against what you owe to the IRS.So you need two tax advisors. You need a good tax advisor in the US who has experience working with Americans, living, investing abroad, full or part-time. Someone who understands how to address this to your best benefit.US taxes allow for a lot of creative thinking. So you need someone who’s gonna be creative. And then you also need someone on the other end of the conversation in the place where you’re moving.Jeffrey Snyder, Broadcast Retirement NetworkYeah, really good points. I could, I have so many questions so we’ll have to bring you back. But let me finish off with this one.Estate planning, medical directives, those are all important things here in the States. As you age, you wanna have a will, you wanna have the ability to transfer your inheritance to loved ones, beneficiaries, et cetera. Is that different depending on the jurisdiction that you ultimately reside in, the country you reside in?Kathleen Peddicord, Live and Invest OverseasIf you have assets in another country, so if you buy a home, for example, or if you own property or any other assets, you’ll want a will in that country too. But you still want your US will and your advanced directives and everything else that you would ordinarily have as an American just living in the States. And then in addition, you’ll want a will in the country where you haven’t, in countries, because if you’re, you may have assets in more than one country outside the United States.And then you need, again, someone with experience helping Americans manage all of this. So an estate planner who has experience across borders and can help make sure that you don’t have more than you need. We hear often from people, unfortunately, it’s often single older women who are left on their own trying to navigate this.And they speak to someone who says, oh, you should have a corporation. You need some kind of structure set up. That’s not necessarily the case.You don’t necessarily need any structures. You may, depending on what you’re doing, but you definitely will want a will to make sure that your house or your property goes to whomever you want it to go to. But you may not need anything beyond that.And so you, again, you wanna talk to someone with experience at this.Jeffrey Snyder, Broadcast Retirement NetworkYeah, well, all these details and more folks are in the book, Where to Retire Overseas. I think we just touched on the very tip of it. And of course, I left out probably the most important part is the top 23 countries, but that’s the reason to buy the book.Kathy Petticoat, it’s great to see you. Thanks for joining us this morning. And we look forward to having you back on the program again, Thank you so much.Kathleen Peddicord, Live and Invest OverseasGreat to speak with you.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealNow that summer is here, we’re thinking of all the ways to upgrade our outdoor spaces. Patio sets are a favorite, as they’re the perfect spots to sit and gather with friends and family. But if you have more room to spare, or want an outdoor piece that’s sole purpose is for relaxation, consider adding an outdoor swing glider to your patio makeover shopping list.The Costway 3-Seater Patio Swing Glider is an adorable choice that offers not just style, but also comfort as it comes with a built-in canopy. It’s on sale for only $96 with a Walmart clearance deal. That’s a total of $83 in savings and 46% off its regular price of $179.Costway 3-Seater Patio Swing Glider with Canopy, $96 (was $179) at Walmart

Courtesy of Walmart

Shop at WalmartWhy do shoppers love it?If you think an outdoor rocking chair is soothing, just wait until you experience the relaxation effect of a patio swing. On top of a gentle rocking motion that could lull anyone to sleep, this outdoor must-have features a soft cushion with thick foam padding and a removable Oxford fabric cover. The seat is 51 inches long with a backrest that’s 18 inches high, with more than enough space to fit up to three people or one person who wants to curl up and lounge or nap outside. Unlike some other patio swings, this glider comes with a built-in canopy that can protect you from the sun. It’s made of polyester that’s fade-resistant and drizzle-proof, keeping you safe from both the sun and light rain. Plus, it has a knob that can adjust the angle of the canopy.Complete with an A-shaped metal frame, this set is sturdy and durable. It’s made from powder-coated metal tubing that’s rustproof, and its spring hooks and non-slip foot pads make it extra secure. But as durable as it may be, it’s best to pair it with a furniture cover during harsher spring and summer rainy days to keep it in tip-top shape. The patio swing is available in seven colors. Our favorite has to be the green-and-white striped variation, as it’s a fun pattern that will pop in any outdoor space.Related: Walmart is selling a 3-piece rocking chair patio set for just $68Details to knowDimensions: 67.5 inches long by 43.5 inches wide by 60.5 inches high.Canopy dimensions: 64.5 inches long by 47 inches wide.Colors: Seven.Weight capacity: Up to 500 pounds.”This has become my favorite piece of outdoor furniture,” one reviewer said. “It’s comfortable and sturdy enough for my elderly mother to sit on it and get up from it without assistance.” They added that they like how the adjustable canopy ensures they’re protected from the sun, and they’re thinking about getting another one.Shop more dealsCostway Loveseat Patio Swing Glider with Canopy, $90 (was $129) at WalmartArlopu 3-Seater Porch Swing with Convertible Canopy, $180 (was $390) at WalmartGartoo 3-Seater Outdoor Patio Swing with Converting Canopy, $95 at WalmartThe Costway 3-Seater Patio Swing Glider with Canopy is a cute and stylish outdoor upgrade, but act fast before this clearance deal goes away.