Channel 5’s US parent company Paramount has extracted £215m from the British broadcaster even as it suffered a sharp drop in profits.

The deal unites Paramount and Warner Bros. film and TV studios along with CNN and CBS, creating a new megacorporation in Hollywood, streaming and news.

AI will be key in a combined Paramount (PSKY) Warner Bros. (WBD). "We've estimated anywhere between 20% and 40% of costs could be saved from AI … Paramount is one of the best examples of a company ...