The article argues that Paramount Skydance's $110 billion deal created $84 billion of debt, mostly rated junk, leaving little margin: analysts estimate $4.5 billion in annual interest at current rates, while Wall Street forecasts maximum EBITDA of $4 billion. It says the deal would not have happened without a $40 billion guarantee dubbed the "Bank of Dad", and warns that cash flow will be very tight with little room for flops. The author says David Zaslav is the only guaranteed winner after maximising the value of WBD, and that both companies have consistently lagged rivals like Disney and Comcast. The article concludes that no brand in the combined company is clearly the leader in its market, and hopes the deal succeeds for the sake of creative industries and consumers.
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