Paramount is planning to acquire Warner Bros. Discovery for $111 billion. This is the largest merger in media history. If the deal goes through, HBO Max and Paramount+ will become a single streaming service — and this will affect every viewer.

Subscriptions will become more expensive. There will be fewer series initially. And top creators might even leave for competitors who don't have to service $79 billion in debt.

What the deal will mean for viewers, employees of the two studios, and the power dynamics in Hollywood streaming.