Seth Schachner calls the regulatory settlement clearing the Warner Bros. Discovery (WBD) and Paramount Skydance (PSKY) merger a "nothing burger," with no assets sold and headquarters kept in California. He says the focus now shifts to managing $79 billion in debt and $6 billion in cost cuts while combining two massive studios without disrupting the creative side. Schachner sees the merger as a way to compete against deep-pocketed big tech rivals like Netflix (NFLX), Walt Disney (DIS), Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), and Meta Platforms (META), with more streaming consolidation and hybrid theatrical releases ahead.