The most immediate question for consumers is what becomes of the companies’ streaming platforms. Paramount+ is still not profitable on its own, while Warner Bros. Discovery’s streaming segment — anchored largely by HBO Max — has only recently moved toward consistent earnings.

Employees at the company had started to warm to the idea of Netflix as its corporate owner. Now they face the prospect of major cuts under Paramount.

Paramount Skydance, in the midst of pursuing a acquisition of Warner Bros, Discovery, saw downturns in revenue from TV advertising and distribution in the fourth quarter, which helped to spur a wider loss for the period, even as revenue increased in its streaming and film operations.

Per a new report, some employees at CBS News had some choice words to share after its parent company, Paramount Skydance, revealed its Warner Bros. merger.

The Paramount/Warner Bros. merger means that HBO Max and Paramount+ could merge into a single service, or one of them is deleted.