Paramount Skydance has completed its US$110 billion takeover of Warner Bros Discovery, creating a Hollywood giant with franchises including Harry Potter, DC and Game of Thrones. But the combined company faces an enormous US$80 billion debt burden, ambitious cost-cutting targets and declining traditional television audiences. Can Skydance successfully integrate HBO Max and Paramount+, compete with streaming rivals such as Netflix and Disney, and deliver the financial returns investors expect?The Morning Brief is brought to you by CIMB Private Wealth. Move your wealth forward with personalised wealth advisory and priority access to investment opportunities.Image Credit: Shutterstock