The penalties are what make it interesting.
https://www.inc.com/georgia-fearn/paramount-warner-bros-merger-could-soon-cost-millions-more-every-day/91373364
"Under the merger agreement, Paramountâ€(TM)s $31-per-share offer rises by 25 cents for every 90 days after September 30, accruing daily. The additional money is payable if the deal ultimately closes. If required the transaction fails because regulatory approvals are not obtained, Paramount would instead owe Warner Bros. Discovery a $7 billion termination fee."
If I've done the penalty maths right, if Bonta can drag this out 2.65 years, the success penalty will be equal to the breakup fee.