Five weeks ago, Paramount Skydance (PSKY) was willing to sell CNN to end this fight.

Chief Legal Officer Makan Delrahim said in August that a sale of the network was on the table as the company tried to clear the state antitrust suit blocking its takeover of Warner Bros. Discovery (WBD).

The terms under discussion are now much cheaper. Reuters reported Friday that independent content monitoring of CNN and a commitment on the number of theatrical releases are among the items being negotiated, citing people familiar with the matter. Nobody is selling anything.

Related: Paramount threatens key market exit over $110 billion mega deal

The price of peace just got cheaper

That shift is the actual story, and most coverage buried it under the stock pop.

California Attorney General Rob Bonta has said repeatedly that structural remedies, meaning divestitures, protect competition better than promises to behave. Monitoring and release quotas are promises to behave.

The Wall Street Journal reported Friday that the sides also discussed operating the studios separately for a period rather than merging them immediately. That is a delay, not a divestiture. On these terms, Paramount keeps the company whole.

A Paramount spokesperson declined to comment. The California Department of Justice said the talks are confidential, Reuters reported.

How a September close became a March trial date

The calendar explains why Paramount's posture softened the state's position, rather than the other way around.

Paramount agreed on Feb. 27 to buy WBD for $31.00 a share in cash, valuing it at $81 billion in equity and $110 billion including debt, according to Paramount. The Justice Department cleared it in June. Twelve states sued in July, and a court stipulation pushed the outside closing date to June 2027.

Then the meter started. The merger agreement adds "ticking consideration" for every day past Sept. 30:

• Paramount owes Warner Bros. shareholders $7 million a day until the deal closes, according to CNBC. That is roughly $650 million a quarter.

• The fee accrues at $0.00277778 per share daily, capped at $0.25 per 90-day period, per WBD's proxy filing.

• A March 2027 trial of the states' lawsuit would mean possibly $1.3 billion in fees before a verdict, in addition to financing and legal costs.

• Paramount has asked the states to post a $1.88 billion bond, with a hearing set for Sept. 24, Variety reported.

What the stocks said after the bell

Paramount Skydance closed Friday at $10.21, down about 3.9% on the session, then rose 7.6% after hours on the settlement reports, according to Seeking Alpha. Warner Bros. Discovery gained 8.3%.