Paramount’s $110 billion acquisition of Warner Bros. Discovery will leave the combined company carrying roughly $79 billion in financial constraints that will shape everything from what gets made to how risk is tolerated.
To hear Paramount CEO David Ellison tell it, that’s beside the point. “This is not about consolidation,” he said on Monday morning’s investor call announcing the deal. “It’s about reinventing the business.”
Sure, if you’re cool with the idea that debt is now one of the most powerful creative executives in Hollywood.
The entertainment industry spent last weekend confronting something it must have known but preferred not to say out loud: Warner Bros. was always going to be absorbed. That was swiftly followed by the realization that when bad-guy Netflix lost the Warners deal,…
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