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how-the-worlds-of-dune:-prophecy-got-their-distinctive-looks

How the worlds of Dune: Prophecy got their distinctive looks


a peek behind the curtain

Ars chats with Dune: Prophecy lead cinematographer Pierre Gill about color palettes, lighting, and other challenges.

Credit: Attila Szvacsek/HBO

Director Denis Villeneuve’s stunning two-part film adaptation of Frank Herbert’s Dune has received many well-deserved accolades—with Dune: Part 2 being crowned Ars Technica’s top movie of 2024. The films also spawned a lavish HBO spinoff TV series, Dune: Prophecy, just renewed for a second season right before a momentous season finale.

(Some spoilers below for S1 of Dune: Prophecy, but no major plot reveals.)

Dune: Prophecy is a prequel series inspired by the novel Sisterhood of Dune, written by Brian Herbert and Kevin J. Anderson, exploring the origins of the Bene Gesserit. It’s set 10,000 years before the ascension of Paul Atreides and follows two Harkonnen sisters as they combat forces that threaten the future of humankind, establishing the fabled sect that will become the Bene Gesserit in the process.

Emily Watson stars as Mother Superior Valya Harkonnen, who leads the Sisterhood and has a close ally in her sister, Reverend Mother Tula Harkonnen. They have built up a network of Sisters serving the rulers of various worlds as “Truthsayers,” including Princess Ynez (Sarah-Sofie Boussnina), heir to the throne of her father, Imperium Emperor Javicco Corrine (Mark Strong).

Valya’s master plan to crown a Sister as head of the Imperium hits a snag, however, with the arrival of a mysterious soldier named Desmond Hart (Travis Fimmel), who claimed he survived being swallowed by a sandworm while fighting on Arrakis. Hart has a mysterious ability to literally burn people to death from the inside out with his mind, and he so impresses the Emperor that Hart replaces Valya as key advisor. So begins several episodes of political intrigue as secrets from the past begin to come out, culminating with an action-packed finale that bade farewell to a couple of key characters.

All of this takes place against a stunning visual backdrop that is reminiscent of Villeneuve’s two films but also sets the series apart, as befits a prequel. One of the people responsible for that is lead cinematographer Pierre Gill, who created distinctive looks and color palettes for the various worlds, planets, and environments, as well as tackling the lighting challenges posed by the massive built sets. Ars caught up with Gill to learn more.

Ars Technica: You also did some work on the film Dune: Part 1. How was it different working on a TV series set in the same sweeping fictional world?

Pierre Gill: It’s a different game, a different schedule, and it’s also a very different approach because the scenes are different. There’s not so many subplots. But it’s still the same scope. We had as many sets and studios and everything. So it’s a big challenge to be able to keep the style, make it look good, light the actors. It’s part of the reality of the [director of photography’s] decision-making. You have ideas in your head of what you want to do, you have a dream, but it has to be feasible, realistic. So then you make compromises and figure out the best way to keep that style. There’s also multiple directors, there’s a showrunner. So the decision-making is less centralized.

Ars Technica: How did you go about setting the series apart from Villeneuve’s films, especially since it’s a prequel?

Pierre Gill: It’s set 10,000 years before, so it could have been extremely different. But it’s not a good idea to do that. First, the audience wants to see Dune because they love Denis Villeneuve’s movie. Second, it’s a complex story and it’s better not to get lost into something. It was not a good idea to do that in our mind. So we stayed not far from the movie so the audience can just sit down and follow the story points. and at the moment, Of course, some people always complain, but most are just happy to follow the story. So I think we made the right choice.

Ars Technica: Despite the epic scope of the series, you were able to shoot as much as 75 percent of the footage in-camera. That’s quite a feat.

Pierre Gill: There’s a lot of VFX of course, but because most of the sets were so high, so big, the camera was filming people or the throne room—which is gigantic—it’s almost always in camera. For the big wide shots, there’s a set extension that is painted. So these huge sets, the Sisterhood, the library and everything, when you see all these girls wandering around in that complex of Wallach IX, that compound is pretty much on camera.

A lot of VFX is making these gorgeous shots of the world, spaceships coming down, seeing something outside the window sometimes, and then the exterior of Wallach IX, which is two big towers and a rock facade. Of course there’s the little lizard, the thinking machine, that was VFX. But otherwise it was very, very in-camera, which makes your life easier in editing and shooting—although it doesn’t make my life easier with the lighting, which would be much easier with blue screen.

Ars Technica: Tell us about the massive chandeliers you built to introduce particle light, adding extra character to the interiors.

Pierre Gill: The sets were quite monochromatic. You have Salusa Secundus, the emperor world, which is a very sandy color, very beige,. And then you have Wallach IX, which is very gray. We decided to light one of the worlds in a cold way, the other world in warmer tones. I was trying as much as I could to put very harsh sunlight into the Salusa Secondus world.

Again, the sets were very big. So I asked the production designer Tom Meyer to build me some practical lighting somewhere. There was not much in the set for me to use for night, which is a bit of a problem because he kept the mood of Dune. On a film you have three to four hours to light a scene. I was not able to do that. I needed to have practical light that is actually lighting something. So for example, in the throne room, he wanted to have glass balls. There’s three glass balls, they’re gorgeous.

I told Thomas, “But these glass balls, the problem for me is the light behind my head is going to blow away. I would love this to light the wall.” So I got my practical team, a bunch of guys who are just in charge of LEDs on set. We found an LED source that goes inside; you can dim it down and up. But behind the balls, we added another pack of LED lights that are hidden. So you have the light source and just behind it you have this extra lighting. From the camera you never see it but it was lighting the wall. And then I got them to build a very long teardrop. I again got them to build multiple layers of LEDs that were on a board that was a certain power, certain color. I was able to make them cold or warm and to change them a little bit and use them as a source. It became part of the visual style.

Ars Technica. I appreciated that Dune: Prophecy seems to buck the trend toward very, very dark night scenes that end up being nearly unwatchable for people at home.

Pierre Gill: I don’t really like when it’s pitch black and dark. I don’t understand. I don’t think it gives anything. For me, night is more figuring out silhouettes. Let’s try to feel the character, shape your character on the wall, and when you get in a close-up you get a light in his eyes or something. I like to define a room and on these big sets to do moonlight would make no sense. The throne room is gigantic, but at the end it’s just an empty place. So you’re lighting what? Just the floor. It’s not very interesting. So what I’ve done for the night in the throne room, I asked VFX, what’s the concept of the exterior? It was all work in progress. We had some artwork concept work, but the lighting, nobody really knew.

So I said, okay, so we know there’s lights, so I’m going to put orange lights from below. I’m not lighting actors, I’m not lighting anything. But when you look at windows, you can feel that the light is coming from the bottom and it creates a few shadows. When you see outside now, they put all these lights in the palace, like you would light a nice, beautiful, gorgeous big house. You light everything from under.

Ars Technica: What were some particularly challenging scenes in terms of the cinematography?

Pierre Gill: The prison was a huge challenge. It was built on a set on location in downtown Budapest, and it’s a circular room. It’s where they put Desmond and suspended him in a jail cell. There was a floor and I had one foot to light. So that was complicated. Another challenge was the exterior of the Sisterhood: a big circular room outside. It was also a location and we could not access behind with cranes, so I could not control anything, and it was very dangerous. I could not light from the ceiling from the top of this coliseum. We built a gigantic tarp on top of it. So I was closing and opening and diffusing the sun. That was very Hollywood-esque.

Ars Technica: Was there a particular scene you were especially pleased with how it turned out?

Pierre Gill: In the first episode, there’s a scene with the young sisters chanting around a gorgeous golden bowl. The director, Anna Foerster, she wanted to see the waves of the singing and all these frequencies. I was like, “Well, that’s a lighting gag. You don’t see any wave if you cannot light in reflection.” I knew I wouldn’t have time to do something so technical. Since she wanted to “do a pull-up” for the scene: starting loose up on the bowl and then moving up and out. Technically it’s complicated.

So I had a big rig that I created around the camera with soft lighting that could reflect. And I asked our department, when they built that bowl, “Could you build with a light inside, like a waterproof light, an LED? I’ll put it on my board and maybe it’s going to work. I’m not sure if it’s going to really light the water properly.” I was ready with a plan B, but they brought the bowl, they started the frequency thing, and it was gorgeous. So I didn’t have to use my plan B lighting. That was very, very nice.

a white model of a set with someone's arm placing miniature people inside it.

Models helped with the staging and lighting of different scenes. Credit: Pierre Gill/HBO

Ars Technica: The show has been renewed for a second season and one assumes you’ll be involved. What will be different for you going into S2?

Pierre Gill: I’m very proud because I’m part of building that, a part of the creative team. I really hope I can do it. I hope my schedule will allow it. I want to be part of this for sure, because S1 was a lot of engineering, meaning it’s so big, you have to figure out stuff all the time. Now it’s done, it’s built and we know what we like. We know what we don’t like. We know what works. So S2 for me, will be a lot of fun, much more creative, meaning I’m going to be able to do much more interesting lighting. I’m going to go deeper into the thing because I know how this beast is working now.

All episodes of Dune: Prophecy‘s first season are now available for streaming on Max.

Photo of Jennifer Ouellette

Jennifer is a senior reporter at Ars Technica with a particular focus on where science meets culture, covering everything from physics and related interdisciplinary topics to her favorite films and TV series. Jennifer lives in Baltimore with her spouse, physicist Sean M. Carroll, and their two cats, Ariel and Caliban.

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Max needs higher prices, more ads to help support WBD’s flailing businesses

At the same time, the rest of WBD is in a period of duress as the cable and movie industries struggle. Films like Beetlejuice Beetlejuice failed to reach the same success as last year’s Barbie, sending WBD studios’ revenue down 17 percent and its theatrical revenue down 40 percent. As WBD CEO David Zaslav put it:

Inconsistency also remains an issue at our Motion Picture Studio, as reinforced recently by the disappointing results of Joker 2.

Some things that helped buoy WBD’s legacy businesses won’t be around the next time WBD execs speak to investors. This includes revenue from distributing the Olympics in Europe and gains from the Hollywood writers’ and actors’ strikes ending. With WBD’s networks business also understandably down, WBD’s overall revenue decreased 3 percent YoY. It’s natural for the company to lean more on its strongest leg (streaming) to help support the others.

WBD wants more streaming M&As

Today, Zaslav reiterated earlier stated beliefs that the burgeoning streaming industry needs more mergers and acquisitions activity to maintain profitability. He discussed complications for users, who have to consider various services’ pricing and are “Googling where a show is, or where a sport is, and you’re going from one to another, and there’s so many.” He added:

It’s not sustainable. And there probably should have been more meaningful consolidation… You’re starting to see fairly large players saying, ‘Hey, maybe I should be a part of you. Or maybe I should be a part of somebody else.’

Zaslav said that it’s too early to know if Donald Trump’s presidency will boost these interests. But he suggested that the incoming administration “may offer a pace of change and an opportunity for consolidation that may be quite different [and] that would provide a real positive and accelerated impact on this industry that’s needed.”

It’s also too early to know if streaming consolidation would help subscribers fed up with rising prices and growing ad loads. But for now, that’s about all we can bet on from streaming services like Max.

Max needs higher prices, more ads to help support WBD’s flailing businesses Read More »

max-confirms-2024-password-crackdown,-explores-adding-transactional-ads

Max confirms 2024 password crackdown, explores adding transactional ads

Monkey see, monkey do —

WBD looking for ways to grow newfound streaming business profitability.

Ellie in the HBO show

Enlarge / Max viewers will soon need their own account to watch Ellie in The Last of Us.

Warner Bros. Discovery (WBD) has confirmed that it will be cracking down on password sharing for its Max streaming service starting this year. The news follows streaming rivals, including Netflix and, soon, Disney-owned Disney+ and Hulu, in banning the sharing of account login information with people outside of the account holder’s household.

As spotted by TheWrap, while speaking at Morgan Stanley’s Technology, Media, and Telecom 2024 conference in San Francisco on Monday, JB Perrette, CEO and president of global streaming and games at WBD, said that WBD sees a password-sharing crackdown as a “growth opportunity.”

“Obviously Netflix has implemented [its password crackdown] extremely successfully. We’re gonna be doing that starting later this year and into ’25,” Perrette said.

Netflix famously launched the password crackdown trend in March 2022 and brought the rule changes to US subscribers in May 2023. Netflix had excused password sharing for years, but in 2022, it lost subscribers—about 200,000—for the first time since 2011. At the time, Netflix had 221.64 million subscribers; its most recent subscriber count was 260 million.

However, Max is unlikely to see the same subscriber surge as Netflix did. After all, Netflix’s ban on password sharing started after 17 years of gaining millions of subscribers. The Max streaming service has only been around for four years, a number that includes HBO Max, as Perrette pointed out, noting that banning account sharing is still a ”meaningful” financial prospect.

Perrette didn’t get into details about how Max’s password crackdown would work and how it might apply to the Discovery+ streaming service that WBD also owns.

New types of ads on Max

WBD is aiming to grow its streaming business with more subscribers and less churn as it expands to other markets and tries to boost content selection following a light year impacted by strikes.

On Monday, Perrette also discussed interest in changing the types of ads its streaming service shows. On the network side, HBO is known as a channel with very few commercials and a primary focus on its own content. Now that WBD is focusing on driving the streaming side of HBO through the Max app, it would prefer that the content be more synonymous with ads. Streaming services report making more money per user on average when they use a streaming subscription with ads rather than paying more for no commercials.

Per Perrette:

On the ad format size, we’ve made lots of improvements from where we were, but we still have a lot of ad format enhancements that will give us more things that we can go to marketers with, [like] shoppable ads [and] other elements of the ad format side of the house that we can improve …

Again, Max isn’t starting a trend here. Amazon Prime Video, for example, is already looking at transactional ads. Disney+ announced beta testing for shoppable ads to advertisers in January. Hulu has worked with transactional ads for years. Peacock sells them, too. Apple TV+ still doesn’t have an ad tier for its streaming service, but recent hires have people suspecting that that may change.

Perrette also touched on scaling WBD’s streaming business by bundling with third-party services, as Max does with Verizon. Perrette said WBD is in discussions with other partners for potential bundles.

WBD’s strategies come as it tries to grow the profitability of its streaming businesses. In its earnings report shared on February 23, WBD said that its direct-to-consumer (DTC) business, which includes the Max and Discovery+ streaming services and HBO network, made a profit of $103 million in 2023. In 2022, WBD’s DTC business lost $2.1 billion. The company most recently reported having 97.7 million DTC subscribers, compared to the 95.8 million that it finished Q2 2023 with.

Outside of Max, WBD is planning to launch a joint sports-streaming app with Fox and Disney; some, including rival streamers, however, have challenged the proposed joint venture as monopolistic. This week, also at Morgan Stanley’s event, Fox CEO Lachlan Murdoch said he expects the future sports-streaming service to have 5 million subscribers five years after launch, Bloomberg reported.

But as streaming services like Max contemplate ways to make more money in the near term, subscribers are facing a pivotal point. Streaming is increasingly mirroring traditional cable companies in terms of being ad-driven, promoting long-term subscriptions, enacting price hikes, bundling, and threatening possible consolidation. While such moves might make sense from a business perspective, in many cases the result is unhappy subscribers.

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Paramount ends Warner Bros. Discovery merger talks, continues mulling sell-off

Max and Paramount+ staying separate —

Report: Paramount still contemplating selling to Skydance Media.

Paramount ends Warner Bros. Discovery merger talks, continues mulling sell-off

Paramount+

Warner Bros. Discovery (WBD) and Paramount Global are no longer considering a merger that would have put the Max and Paramount+ streaming services under one corporate umbrella. Per a CNBC report today citing anonymous “people familiar with the matter,” WBD and Paramount had been mulling a merger for “several months.”

In December, reports started swirling about WBD and Paramount discussing a potential merger. Axios even reported that WBD CEO David Zaslav and Paramount CEO Bob Bakish met in person for “several hours” and that Zaslav also met with Shari Redstone, the owner of National Amusements Inc. (NAI), Paramount’s parent company. Now, CNBC reports that discussions between the media giants “cooled off this month.” Paramount and WBD haven’t commented.

When news of the potential merger dropped, it was unclear what sort of regulatory hurdles the media conglomerates might have faced if they tried becoming one. Combined, the companies would have had the second-biggest streaming business by subscriber count, trailing Netflix.

Debt was also a huge concern. Paramount is $14.6 billion in debt, per its earnings report shared today. WBD was $40 billion in debt at the time of merger talks but said it was eyeing a profitable streaming business. WBD is still in debt currently but reported this month that its streaming business became profitable, making $103 million for the year. Max’s most recent subscriber count is 97.7 million compared to 67.5 million for Paramount+.

Merging with Paramount would have meant WBD added another company with struggling legacy media assets to its portfolio. It also would have meant buying a streaming service that has yet to turn a profit as of this writing. Paramount’s streaming business lost $1.66 billion in 2023, it reported today.

Merger still possible

Although things with WBD reportedly didn’t work out, Paramount is still seriously considering a merger. CNBC reported that the company formed a committee and hired a financial adviser focused on analyzing potential bids for all or parts of the company.

Suitors recently tied to Paramount include Byron Allen and, reportedly, Skydance Media. The David Ellison-owned company is “still performing due diligence on a potential transaction,” CNBC said today, citing two of its anonymous sources. In January, Bloomberg reported that Skydance made an all-cash offer for NAI.

Paramount could also try to bundle its services with another company’s, which could attract subscribers to Paramount+ and help Paramount save money. It has already considered bundling Paramount+ with Comcast’s Peacock through a partnership or joint venture, The Wall Street Journal (WSJ) reported earlier this month. But Comcast doesn’t want to buy Paramount, per one of CNBC’s anonymous sources from today’s report.

Some streaming rivals to Paramount+ are already bundled together (such as Disney’s Disney+ and Hulu) and exploring joint ventures. As streaming services race to achieve the sort of profitability that Netflix has, big strategic moves, such as mergers, partnerships, and price hikes, are expected soon. Meanwhile, subscribers remain worried about potential fallout, which could result in monopolistic practices that limit consumer options.

This article was updated to include information from Paramount’s latest earnings report. 

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it’s-“shakeout”-time-as-losses-of-netflix-rivals-top-$5-billion

It’s “shakeout” time as losses of Netflix rivals top $5 billion

Not so great for consumers —

Disney, Warner, Comcast, and Paramount are contemplating cuts, possible mergers.

An NBC peacock logo is on the loose and hiding behind the corner of a brick building.

The world’s largest traditional entertainment companies face a reckoning in 2024 after losing more than $5 billion in the past year from the streaming services they built to compete with Netflix.

Disney, Warner Bros Discovery, Comcast and Paramount—US entertainment conglomerates that have been growing ever larger for decades—are facing pressure to shrink or sell legacy businesses, scale back production and slash costs following billions in losses from their digital platforms.

Shari Redstone, Paramount’s billionaire controlling shareholder, has effectively put the company on the block in recent weeks. She has held talks about selling the Hollywood studio to Skydance, the production company behind Top Gun: Maverick, people familiar with the matter say.

Paramount chief executive Bob Bakish also discussed a possible combination over lunch with Warner CEO David Zaslav in mid-December. In both cases the discussions were said to be at an early stage and people familiar with the talks cautioned that a deal might not materialize.

Beyond their streaming losses, the traditional media groups are facing a weak advertising market, declining television revenues and higher production costs following the Hollywood strikes.

Rich Greenfield, an analyst at LightShed Partners, said Paramount’s deal discussions were a reflection of the “complete and utter panic” in the industry.

“TV advertising is falling far short, cord-cutting is continuing to accelerate, sports costs are going up and the movie business is not performing,” he said. “Everything is going wrong that can go wrong. The only thing [the companies] know how to do to survive is try to merge and cut costs.”

But as the traditional media owners struggle, Netflix, the tech group that pioneered the streaming model over a decade ago, has emerged as the winner of the battle to reshape video distribution.

“For much of the past four years, the entertainment industry spent money like drunken sailors to fight the first salvos of the streaming wars,” analyst Michael Nathanson wrote in November. “Now, we are finally starting to feel the hangover and the weight of the unpaid bar bill.”

For companies that have been trying to compete with Netflix, Nathanson added, “the shakeout has begun.”

After a bumpy 2022, Netflix has set itself apart from rivals—most notably by being profitable. Earnings for its most recent quarter soared past Wall Street’s expectations as it added 9 million new subscribers—the strongest rise since early 2020, when Covid-19 lockdowns led to a jump.

“Netflix has pulled away,” says John Martin, co-founder of Pugilist Capital and former chief executive of Turner Broadcasting. For its rivals, he said, the question is “how do you create a viable streaming service with a viable business model? Because they’re not working.”

The leading streaming services aggressively raised prices in 2023. Now, analysts, investors and executives predict that consolidation could be ahead next year as some of the smaller services combine or bow out of the streaming wars.

Warner, home to HBO and the Warner Bros movie studio, has made a small profit at its US streaming services this year, in part by raising prices, aggressively culling some series and licensing others to Netflix. However, this has come at a price: Warner lost more than 2 million streaming subscribers in its two most recent quarters.

The company, which merged with rival Discovery last year, has long been rumored as a potential takeover candidate, with Comcast seen as the most likely buyer. But Zaslav in November hinted that his group wanted to be an acquirer instead of a target.

“There are a lot of . . . excess players in the market. So, this will give us a chance not only to fight to grow in the next year, but to have the kind of balance sheet and the kind of stability . . . that we could be really opportunistic over the next 12 to 24 months,” he said on an earnings call.

The terms of the Warner-Discovery merger barred the group from dealmaking for two years. That period expires on April 8.

Disney, the largest traditional media company, is in the midst of a gutting restructuring that has featured 7,000 job cuts and attacks from activist investors. It lost more than $1.6 billion from its streaming businesses in the first nine months of 2023, during which its Disney+ service gained 8 million subscribers. The company says it will turn a profit in streaming in late 2024.

Bob Iger, Disney chief executive, this year openly pondered whether some of its assets still fit within the company, prompting speculation that he was considering disposals. But no deals emerged, leading some investors to conclude there is little appetite among private equity or tech companies for acquiring legacy businesses.

Paramount’s shares have risen almost 40 percent since early November as sale speculation mounted. The stock rose sharply after the Skydance talks were reported, but both Paramount and Warner shares fell after news of their discussions came to light.

Analysts said the two companies’ high debt levels were an immediate concern for investors. “We suspect investors will focus on pro forma leverage above all else,” Citi analysts wrote in a note last week. They estimated that an all-stock combination of Warner and Paramount could yield at least $1 billion of synergies.

But Greenfield said merging two companies with lossmaking streaming services and large portfolios of declining television assets was not the answer to their problems.

“The right answer should be, let’s stop trying to be in the streaming business,” he said. “The answer is, let’s get smaller and focused and stop trying to be a huge company. Let’s dramatically shrink.”

© 2023 The Financial Times Ltd. All rights reserved. Not to be redistributed, copied, or modified in any way.

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debt-laden-warner-bros.-discovery-and-paramount-consider-merger

Debt-laden Warner Bros. Discovery and Paramount consider merger

Game of Thrones

Enlarge / Media firms are looking for allies to help them take the coveted media throne.

The CEOs of Warner Bros. Discovery (WBD) and Paramount Global discussed a potential merger on Tuesday, according to a report from Axios citing “multiple” anonymous sources. No formal talks are underway yet, according to The Wall Street Journal. But the discussions look like the start of consolidation discussions for the media industry during a tumultuous time of forced evolution.

On Wednesday, Axios reported that WBD head David Zaslav and Paramount head Bob Bakish met in Paramount’s New York City headquarters for “several hours.”

Zaslav and Shari Redstone, owner of Paramount’s parent company National Amusements Inc (NAI), have also spoken, Axios claimed.

One of the publication’s sources said a WBD acquisition of NAI, rather than only Paramount Global, is possible.

Talks to unite the likes of Paramount’s film studio, Paramount+ streaming service, and TV networks (including CBS, BET, Nickelodeon, and Showtime) with WBD’s Max streaming service, CNN, Cinemax, and DC Comics properties are reportedly just talks, but Axios said WBD “hired bankers to explore the deal.”

It’s worth noting that WBD will suffer a big tax hit if it engages in merger and acquisition activity before April 8 due to a tax formality related to Discovery’s merger with WarnerMedia (which formed Warner Bros. Discovery) in 2022.

A union of debts

Besides the reported talks being in very early stages, there are reasons to be skeptical about a WBD and Paramount merger. The biggest one? Debt.

The New York Times notes that WBD has $40 billion in debt and $5 billion in free cash flow. Paramount, meanwhile, has $15 billion in debt and a negative cash flow. Zaslav has grown infamous for slashing titles and even enacting layoffs to save costs. But WBD is eyeing greener pastures and declared Max as “getting slightly profitable” in October. Adding more debt to WBD’s plate could be viewed as a step backward.

Additionally, Paramount is even more connected to old, flailing forms of media than WBD, as noted by The Information, which pointed to two-thirds of Paramount’s revenue coming from traditional TV networks.

Antitrust concerns could also impact such a deal.

WBD stocks closed down 5.7 percent, and Paramount’s closed down 2 percent after Axios’ report broke.

Of course, these details about a potential merger may have been reported because WBD and/or Paramount want us to know about it so that they can gauge market reaction and/or entice other media companies to discuss potential deals.

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