The proposed $111 billion merger between Paramount and Warner Bros. Discovery is approaching completion, but concerns around debt, execution risk, and long-term industry volatility loom large. Naveen Sarma, sector lead for U.S. media and telecom at S&P Global, breaks down the opportunities and potential pitfalls ahead for the company, and he explains why S&P Global downgraded Paramount Skydance's credit rating after it clinched the WBD deal agreement.