Warner Bros. Discovery's blockbuster merger with Paramount has been delayed—but what does that mean for David Zaslav, Larry Ellison, and the future of Hollywood? Peter Hamby is joined by Puck's Bill Cohan to break down why the legal battle has effectively frozen Warner Bros.' strategic options, how a little-known "ticking fee" could add billions to the deal, and what happens if the merger falls apart. Then, the conversation shifts to Wall Street's red-hot IPO market. Bill explains why investment banks continue to profit while retail investors are left holding the bag, and why reviving Google's Dutch auction model could make public offerings fairer for everyone. From media mergers to IPO reform, this episode explores the business decisions reshaping entertainment and finance. Subscribe to get the latest from Puck: join.puck.news Chapters 00:00 The hidden cost of the delayed Warner Bros.-Paramount merger 00:49 Why David Zaslav is stuck until the deal closes 06:38 The "ticki...