The most immediate question for consumers is what becomes of the companies’ streaming platforms. Paramount+ is still not profitable on its own, while Warner Bros. Discovery’s streaming segment — anchored largely by HBO Max — has only recently moved toward consistent earnings.

Should a Paramount-WBD merger ultimately be greenlit, two declining businesses will be challenged to form a profitable one. Even with regulatory approval, Paramount-Skydance-Warner-Bros.-Discovery faces an uphill climb.

When CNN anchor Jake Tapper broke into coverage on Thursday evening with a major Warner Bros. Discovery sale update, he remarked that the news "affects everybody I'm looking at right now in the studio.

Larry and David Ellison of Paramount Skydance are poised to control a behemoth media empire if their winning bid for Warner Bros. Discovery gains regulatory approval – adding HBO, CNN and thousands of movie titles to Paramount,