A judge’s move to pause Paramount Skydance Corp.’s $110 billion takeover of Warner Bros. Discovery Inc. has prompted traders to price in greater odds of deal disruptions and lengthy legal delays for a transaction already fraught with risks.

ALT: Woman Experiencing Stressed Headache

Lance Thomas became a homebuilder in New Orleans in the aftermath of Hurricane Katrina in 2005. In the years that followed, he got used to economic disruptions — from Covid-19 to sky-high insurance pr...