Merged Paramount-Warner Bros. Seen as Streaming Powerhouse but Carrying Over $77 Billion in Debt

Paramount Skydance’s David Ellison won Warner Bros. Discovery after settling with 12 Democratic state attorneys general to resolve their antitrust case; the merger closes in about two weeks. Morgan Stanley analysts see a clear positive: no divestitures, minimal commitments including 30 films per year at a 45-day theatrical window. HBO Max and Paramount+ may exceed 240 million subscribers by 2030, but the combined company faces more than $77 billion in debt.