I’m taking this as a positive overall for now.
Beyond the merger, the pressure from the current US administration on the entertainment sector has and will continue to create a great deal of uncertainty. George Cheeks has sufficient time in with the television IP for Star Trek that he’s in a position to be protective while the movie franchise takes wild risks in order to achieve David Ellison’s moonshot level commitment to a high volume of cinematic releases.
On the other hand, no one in Ellison’s circle seems to have a clue that the world is moving rapidly away from US originated content - scripted or unscripted. Asia now produces more and audiences globally are becoming more and more interested in watching shows from across Asia.
Paramount invested heavily in a major South American television studio system but hasn’t brought new Spanish and Portuguese content to North America. It’s locked in a model where it sees non-English content as something just for regional markets rather than something to build a global streamer.