Update: This story was originally published on July 21 and was updated on July 24 following the news that Paramount agreed to delay closing its deal with WBD until the antitrust cases are decided.

Paramount Skydance employees are debating whether the planned megamerger with Warner Bros. Discovery would put them on the chopping block or help them save their jobs.

“I’m definitely concerned about impending layoffs after the merger,” said a member of Paramount’s research staff. “But I’m worried about the entire company if it doesn’t come to fruition.”

Paramount’s $110 billion deal with WBD is on hold after a judge issued a temporary order in response to a lawsuit from 12 states. David Ellison’s company agreed Friday to pause its merger until five days after the antitrust cases are resolved, or until June 1, 2027, whichever comes first.

Twelve Paramount employees Business Insider spoke to after the judge’s order were divided on how the transaction would affect their jobs and the industry.

Some Paramount employees fear their positions could be expendable if their teams merge with comparable groups at WBD, while others are concerned about the company’s financial health if their deal is delayed or blocked.

Ellison’s company would owe WBD a breakup fee of $7 billion if the deal falls through, and also agreed to pay WBD shareholders a fee of about $7 million per day starting Sept. 30 if the merger falls through. The potential consequences of those sanctions led several staff members to push for the deal.

“I see Paramount the same way I do Spirit Airlines,” said one streaming staffer. “Regulators wouldn’t let JetBlue and Spirit Airlines merge. Now Spirit is bankrupt and JetBlue is struggling.”

Two WBD employees told Business Insider that they are concerned about what the deal could mean for the media industry, but that the acquisition would benefit them financially.

Both said they would benefit considerably from the stock awards.

“The best case for me personally is that the deal goes through, I get fired and I get my 15 months of severance,” added a veteran WBD employee. “So, I just need to find something for a couple of years before I retire.”

‘Tired of mergers and chaos’

Paramount has said it needs to join forces with WBD to form “a stronger competitor against dominant streaming and technology platforms” such as Netflix and YouTube. Ellison’s company insists its megamerger will allow it to produce more movies and TV shows than it could produce on its own.

However, many in Hollywood are skeptical. Leading actors and directors have spoken out against the deal between Paramount and WBD, saying it would result in “fewer opportunities for creators” and “fewer jobs across the production ecosystem.” The Writers Guild of America has filed a lawsuit against Paramount, arguing that it violates antitrust law.

Paramount employees who oppose the deal primarily expressed concern about the potential impact a merger of rivals would have on the media industry.

“I’m indifferent to staying because I’m so burned out, but I’d hate for others to lose a career they were passionate about,” said one member of Paramount’s streaming staff.

Another streaming manager who opposes the deal said they are “tired of mergers and chaos.” Paramount merged with Skydance last August, six years after Viacom and CBS merged.

“I feel like my future in this deal is uncertain,” said a third streaming staff member who is against the merger.

“The best opportunity to keep my job long term”

Paramount employees who supported the deal had a simple reasoning: They believe the merger would be best for the company and their careers.

“While I may have personal opinions about the negative effect this could have on the industry, I believe the merger gives me the best opportunity to keep my job long-term,” the Paramount research staffer said. “That’s more important to me at the end of the day.”

A high-level advertising employee said this deal would make Paramount more powerful and give the company “more premium offerings, which helps sales.”

A senior streaming employee said they support the deal, adding that they “don’t see why it wouldn’t” be approved by regulators.

WBD had planned to sell its studio and streaming business to Netflix before Paramount stepped in, which, according to this senior streaming staffer, “would have created a much larger consolidation of two streaming powerhouses” and left WBD’s traditional television unit “flailing and with no one interested in it.”

The states suing Paramount argue that this deal would harm competition by giving the combined company undue influence over cable distributors, as well as influence over theatrical distribution of both wide-release films and big-budget blockbusters.

A supercharged Paramount-WBD “is ultimately better for the consumer,” said Paramount’s senior streaming leader, maintaining that it “creates a larger, more competitive catalog of content to compete against Disney and Netflix.” Consolidating television assets will help Paramount cut costs, they added, although they understood concerns about CNN’s future, given how CBS News has changed under Ellison.