Fitch Ratings has downgraded Paramount Global's credit rating, citing the complex $81 billion acquisition of Warner Bros. Discovery as a major credit risk.

The agency highlighted the deal's intricate structure and integration challenges, which could strain Paramount's financial resources. This move signals heightened investor concern about the combined company's ability to service debt and achieve synergies. Paramount now faces a lower credit standing, potentially increasing its borrowing costs and affecting its ability to invest in content or acquisitions. Fitch's downgrade reflects skepticism about the merger's near-term profitability amid rising interest rates and competitive pressures in the streaming market. The $81 billion deal remains a critical factor for Paramount's future viability, with analysts watching closely for signs of operational improvements or asset sales to alleviate debt burdens.