How to connect apple tv with studio display - SOLUTION FOUND

Since the original thread is closed, I am continuing the thread here with a solution for 'connecting an Apple TV to an Apple Studio Display to use like a TV'. This can be done and I am currently enjoying it. After scouring the internet and trying many different cables, this is what I found to work. I could only get 1440p at 60 Hz, but that is good enough for me. Especially since the Studio Display has a pixel doubling retina display. The 600 nits of the display makes SDR content look almost like HDR.

Apple TV > HDMI cable (high speed) > SIIG HDMI 2.0 to DisplayPort 1.2 Converter with Audio Extractor > CableCreation 8K Bi-Directional USB C to DisplayPort Cable. (Note that the Bi-directional cable is required.)

For audio you can connect to an external bluetooth speaker of your choice in the Apple TV's 'Remotes and Devices' settings menu. Or you can use the stereo jack from the SIIG, but I was getting feedback so I used bluetooth. If you are getting a slight voice delay over bluetooth there is an option for calibation in the Apple TV that uses your iPhone to listen and sync the audio to the Apple TV.

The SIIG Converter is very difficult to find and seems to sell out quickly. Best of luck.