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Paramount has revealed new details about their merger with Warner Bros: • HBO Max & Paramount+ will be combined into one service • 15 films per studio with 45 day theatrical windows for each film • Merged company will have approx $79 billion in debt • $6 billion in cost cutting including consolidating on tech infrastructure, real estate, corporate overheads & more • No plans to sell off/spinoff any of their cable assets — flexibility to put sports like UFC on any cable network • Will continue to licence movies & TV shows to other studios & platforms • AI will be a “tool for artists” but “never a replacement” for storytellers

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Update on the Warner Bros sale • Netflix has made the highest bid to buy them so far • Anon prominent filmmakers sent a letter to congress warning that Netflix buying WB would 'hold a noose around the marketplace' • Some insiders claim Netflix would only give WB films a 2-week theatrical window — another source denied this • Paramount accused WB of an unfair bidding process and appearing to favor Netflix's offer • Paramount has offered $5B to WB if a signed deal with them fails to close • Paramount's bid is partially funded by Middle Eastern sovereign wealth • Comcast wants to combine Universal with Warner Bros and HBO • WB asked for all companies to submit new bids today