M&A specialists said Paramount’s planned $110 billion merger with Warner Bros. Discovery reflects technology companies’ growing dominance of media distribution. They argued the deal could help traditional entertainment companies compete with Netflix, Apple, Amazon and YouTube, while reshaping the film, television, streaming and live-events industries.

The merger is expected to close within two weeks after settlements resolved two antitrust lawsuits, although a federal judge has delayed a hearing on the agreement. Apollo Global Management helped finance one-third of the transaction, while LionTree advised Paramount; panellists said the deal could produce wide-ranging effects, particularly through valuable intellectual property, sports and other live content.