If qualifying public announcements indicate None's takeover of Warner Brothers has succeeded Before July 2027, then the market resolves to Yes. A takeover "succeeds" when BOTH of the following are publicly announced: (a) Corporate Approval—shareholders approved the acquisition OR the acquirer acquired controlling interest (>50% of voting shares); AND (b) Conditions Satisfaction—all material conditions including regulatory approvals have been satisfied or waived. Press releases, SEC filings (8-K, Schedule TO amendments), and official company announcements qualify. Letters of intent, agreements in principle, or conditional announcements do not satisfy the criteria. If one acquirer's takeover succeeds, all other acquirer markets immediately resolve to No. Resolution is based on the announcements, not the ultimate transaction outcome—if both criteria are announced but the deal later fails, the market still resolves to Yes. The "None" option resolves to Yes only if no takeover (not merely no takeover by the listed potential acquirers) succeeds by the deadline. This market will close and expire early if the takeover succeeds as defined in the Payout Criterion (both corporate approval and conditions satisfaction announcements made).