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S&P Dow Jones Indices announced Twilio will join the S&P 500, replacing Warner Bros Discovery, which is being removed from the index as it proceeds with its merger with Paramount. The change reflects the ongoing consolidation in media as the Paramount-Warner Bros Discovery deal moves toward completion. Index inclusion typically drives passive fund buying for the new entrant, giving Twilio a near-term demand boost, while WBD's exit reflects its dissolution as a standalone public company.