Paramount-Warner Merger Aims for Streaming Powerhouse Despite Massive Debt

Morgan Stanley analysts say the Paramount+/HBO Max merger with Warner Bros. Discovery could create a streaming powerhouse with 240M+ subscribers by 2030, but it carries a heavy debt load (around $77 billion) that the company aims to deleverage over three years through cost savings from tech and real estate consolidation. The merged entity would own major IP (Game of Thrones, Lord of the Rings, Harry Potter, DC) and plans include a 30-film-per-year release and a 45-day theatrical window, signaling a shift toward streaming and studio strength, though exact timing and execution remain uncertain.