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Netflix, Paramount Battle over Warner Bros. Will Reshape Streaming

A merger would create a new leading content owner with up to 27.1% U.S. series demand share, reshaping competitive dynamics in streaming and Hollywood.

  • Today's date is Long ago: Netflix leads a potential acquisition of Warner Bros. Discovery, which could reshape the U.S. streaming market and strengthen its content position.
  • Parrot Analytics demand data show Warner Bros. Discovery captured 16.2% of U.S. series demand, second to Disney's 18%, while all legacy players except Netflix have lost demand share since 2024.
  • Combining WBD with Paramount would push corporate demand above current leaders, creating a 27.1% share, while a Warner Bros.–Netflix tie would hold 26.0%, eclipsing Disney.
  • Consolidating these streamers could achieve scale across fragmented audiences, accelerating Netflix's pivot into franchise IP while transforming Paramount's content and competitive reach.
  • High audience demand underscores the strategic value of evergreen franchises, as 'Stranger Things' peaked at 693 times average demand on Nov. 29, strengthening Netflix's position.
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Regarding the acquisition of Warner Bros. Discovery is currently favoring Netflix, although Paramount has also made its interests very clear.

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Bloomberg broke the news in United States on Thursday, December 18, 2025.
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