Paramount-WBD merger, Musk's return to trillionaire, AI researchers' warning and more in Morning Squawk

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Happy Tuesday. If you have a sweet tooth, you may need to prepare for sticker shock as cocoa prices begin climbing again.

Stock futures are higher this morning following a winning session on Wall Street.

Here are five key things investors need to know to start the trading day:

1. The finale

An aerial view of the Warner Bros. Studio lot on July 13, 2026 in Burbank, California.

Justin Sullivan | Getty Images

After multiple rejected takeover bids, a dramatic bidding war and a settled antitrust lawsuit, Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery is expected to close today. Once the deal is finalized, the combined media giant will be known as Skydance and trade under the ticker symbol "SKYD."

Here's what to know:

• The closure of the deal — through which Paramount will acquire all of WBD, including its cable TV networks, streaming service and film studio — comes just over a year after the David Ellison-run company set its sights on the Hollywood institution.
• Ellison last week announced that Mattel's Ynon Kreiz will become co-CEO of the soon-to-be-combined entertainment company. As CNBC's Sarah Whitten writes, Kreiz has roots in entertainment and a reputation as a turnaround man.
• The pair then announced the Skydance leadership team, which notably keeps Bari Weiss and Mark Thompson in their top roles at CBS News and CNN, respectively.
• Sources told CNBC's Alex Sherman that Luis Silberwasser, chairman and CEO of TNT Sports, will depart the combined firm.

2. Return to orbit

Traders work on the floor of the New York Stock Exchange (NYSE) on Sept. 29, 2026 in New York City.

Spencer Platt | Getty Images

3. AI under oath

Signage behind New York City Council members during a New York City Council hearing on the threat of artificial intelligence at City Hall in New York, US, on Monday, Oct. 5, 2026.

Michael Nagle | Bloomberg | Getty Images