Paramount Pictures is undergoing significant operational changes amid its proposed merger with Skydance Media. The company recently terminated its longtime media agency of record, WPP Media, as a cost-saving measure during the ongoing review of the merger. The transaction is critical to National Amusements, the controlling shareholder of Paramount, which is led by Shari Redstone. However, concerns are mounting among Wall Street analysts and industry insiders about the potential collapse of the deal, partly due to unresolved issues involving former President Donald Trump. Paramount's board and senior executives reportedly worry about personal liability related to settling matters with Trump, which could jeopardize the merger. Former FCC Commissioner Rob McDowell has warned that if the Skydance-Paramount deal falls through, Paramount could become a "melting ice cube" in the media landscape. The merger, once completed, is expected to lead to a reshuffling of studio executives across the industry, including potential departures at Sony. The broader media sector is also facing an asset sell-off phase before a possible revival in mergers and acquisitions activity.