The Grill Room Debt Men Walking
Mar 3, 2026
Bill Cohan, Wall Street commentator and author, breaks down the $79B debt and creditor dynamics. Matt Belloni, former Hollywood reporter and media analyst, brings the studio and creative perspective. They debate Ellison’s playbook, Netflix’s position after the sale, Hollywood’s reaction to leveraged deals, and whether heavy debt will squeeze future creative investment.
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Debt Will Reshape Paramount's Strategy
- $79 billion of debt will heavily constrain Paramount Skydance and likely force prioritization of debt paydown over creative investment.
- Bill Cohan compares it to Zaslav's $55B load and notes creditors will expect family equity cushions if things hiccup.
Town Resentment Undermines A Scale Play
- Hollywood distrust matters because past heavy debt-era playbooks (cut to hit EBITDA) damaged creative relationships and output.
- Matt Belloni argues Ellison's scale thesis echoes Warner Discovery's failed approach and risks similar backlash.
Keep Hands Off Creative Workflows
- Do not assume creative talent will flee if you keep investing and let creators operate independently.
- Matt notes Rupert Murdoch kept liberal creatives by not mixing politics with studio decision-making.