Paramount + Warner Bros. Discovery: The Combined Production Slate

Paramount + Warner Bros. Discovery: Where Will the Work Go?

Based on ProdPro’s 2025 data, Paramount and Warner Bros. Discovery would together rank as the largest parent studio by estimated direct production spend.

But the merger comes after a period of declining production. For producers, investors, suppliers and unions, the bigger question is not simply how large the combined company will be – it’s where the work will go.

Which divisions will keep producing? Who will supply those projects? And where will they film?

Our new Insights brief, Paramount + Warner Bros. Discovery: The Combined Production Slate, looks at the production activity behind the merger and what the current slate may tell us about what comes next.

What will the commitments actually mean for production?

The proposed consent decree, which is still subject to court approval, includes theatrical release and U.S. production-spending commitments through 2031.

But those commitments do not translate directly into a specific amount of new production work.

A theatrical release can involve a film acquired from another producer, shot outside the U.S. or completed well before its release year. Likewise, the impact of a U.S. spending commitment depends on what spending qualifies, the baseline against which it is measured and where production is already headed.

Those details will ultimately determine how much additional work the commitments generate.

That makes the existing production slate an important starting point for understanding what the combined company could look like – and where its production activity may go next.

Get the full analysis

The report breaks down production by studio division, compares the combined company with its peers, tracks U.S. and international filming, and examines the role of outside producers. It places the proposed commitments alongside recent activity, with the spending comparisons and limitations spelled out.

If you’re pitching these buyers, supplying their productions, tracking jobs or investing in the businesses around them, this is a starting point for planning around the merger.

The full report is exclusive to ProdPro Insights customers. Explore Insights plans.

Direct production covers projects produced by studio subsidiaries and excludes third-party commissions. Spending figures are ProdPro estimates assigned to the year principal photography began.