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A federal judge reviewing the proposed Paramount/Warner Bros. Discovery merger was told that the deal's conditions give the public "virtually nothing," as California and other parties scrutinize whether the arrangement resulted from improper collusion between the companies. The review is examining whether regulatory concessions adequately protect consumers and competition. The case adds to ongoing uncertainty around one of the media industry's largest pending consolidations, with the judge's eventual ruling likely to shape how future entertainment mergers are structured and reviewed.