The Warner Bros. project is the story of Aegon's Conquest, which is also in early development as a series at HBO.

Paramount said it plans to merge HBO Max and Paramount+ into one streaming service after completing its WBD acquisition.

With its mammoth deal for Warner Bros. Discovery, Paramount Skydance is set to amass a ton of new debt and it faces a number of other financial risks.

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 ...