Paramount CEO David Ellison's pursuit of Warner Bros. could cost him billions more — and he may be willing to dig in for a yearslong fight. What's his breaking point?

With free cash flow at just $96 million, the $110 billion Warner Bros. bid faces a ticking fee Paramount can barely afford as states want a 2027 trial.

Paramount Skydance said it would push back its merger until 2027.