Two major ratings agencies have downgraded Paramount’s credit based on concerns about the debt the David Ellison company will have to shoulder — at least $79 billion — once it absorbs the larger Warne...

Paramount Skydance’s $110 billion bid for Warner Bros. Discovery is not just a Hollywood deal.

Together, the two services account for a little over 200 million direct-to-consumer subscribers, a scale Ellison suggested would better position the merged company to compete with the biggest players ...