Why would they buy Paramount (and assume the company's $15 billion debt on top of Warner's own $40 billion debt)?
Maybe there is an idea with to have the studios works on films within a specific budget range.
Paramount: makes strictly mid-budget movies, including streaming films like Section 31, and a bunch of series that have been binned as tax-write offs.
WBD; strictly makes big budget movies and television with major IPs (so not just DC and Harry Potter, but Mission Impossible, Transformers and possibly Star Trek (at least the Kelvin films).
Of course, this is all a stab in the dark. I have no idea if its happening, or even remotely feasible at all.
And from what I'm hearing, Skydance has the money to buy Paramount, which sounds far more realistic and sensible.