The combined Paramount-Warner Bros. Discovery entity, formed after shareholder approval of the $111 billion merger on March 24, disclosed updated debt figures on Friday: $78.8 billion in total obligations, including $52.3 billion in long-term debt and $26.5 billion in content commitments. [1]

Debt service requires approximately $4.2 billion annually. The combined entity's operating income in 2025 was $5.1 billion. The margin is $900 million — thin enough that a single bad quarter could trigger covenant concerns.

-- THEO KAPLAN, San Francisco