Paramount Plans to Keep a Merged Warner Bros. Largely Intact

Paramount Skydance Corp. plans to keep much of Warner Bros. Discovery Inc. intact if it merges with the rival film and TV studio, a decision that may help address worries about job losses and production cuts.

David Ellison, chief executive officer and controlling shareholder of Paramount, wants to keep the creative teams of the two studios, while consolidating some of the marketing and distribution, according to people familiar with his plans.

No decisions have been made about whether Paramount would part with either companies’ real estate, including two of the most famous studio lots in Hollywood, said the people, ...