Paramount: –$573M in Q4 2025.
Warner Bros. Discovery: –$252M.
$825M in combined quarterly losses.
And one is trying to acquire the other.
At some point this stops being “scale economics” and starts looking like financial roulette.
Debt + integration risk + declining linear TV + streaming pressure.
It’s hard to see how this ends well.
#Paramount #WarnerBrosDiscovery #MediaConsolidation #StreamingWars #Hollywood #EntertainmentBusiness