A court has temporarily blocked the Warner Bros.–Paramount merger. For now, the order is valid for only 14 days. During that period, the court will decide whether to issue a full injunction for the duration of the lawsuit brought by a coalition of 12 U.S. states. The key risk is timing: if the ban is extended, the buyer may choose not to wait and walk away from the deal. In M&A, timing often decides everything.