Buying WBD would require Paramount to take on WBD's massive debt load of around $35B; Paramount has a market cap of around $19B, while WBD's is above $40B (Wall Street Journal)
Wall Street Journal:
Buying WBD would require Paramount to take on WBD’s massive debt load of around $35B; Paramount has a market cap of around $19B, while WBD’s is above $40B — David Ellison’s company could take plan to create a sprawling media conglomerate directly to shareholders