파라마운트‑WBD 합병 하에, 두 어려움을 겪는 미디어 거대 기업이 합쳐진다
Source: Ars Technica
A successful Paramount‑WBD merger would be the largest streaming merger ever and would lead to further consolidation in the industry.
“What started as a fragmented but flexible streaming ecosystem is increasingly trending toward rebundling—fewer, larger super‑platforms offering broader catalogues at higher price points,” Mathur said.
Paramount holds on to cable
Paramount’s WBD bid is unique in its aggressive push for cable channels, which are struggling with viewership and advertising revenue. Under a WBD merger, Paramount would add networks such as HGTV, Cartoon Network, TLC, and CNN to its linear TV lineup, which already includes Comedy Central, Nickelodeon, and CBS.
- Both companies’ cable businesses are in decline, but they remain profitable.
- Paramount’s TV/media segment (cable channels + production studios) reported $1.1 billion in adjusted OIBDA for Q4 2025.
- Warner Bros. Discovery’s cable division posted adjusted EBITDA of $1.41 billion for the same quarter.
The merger also raises concerns about diversity of viewpoints:
- Under Ellison’s ownership, CBS News has shifted editorial direction with new editor‑in‑chief Bari Weiss.
- There have been allegations of censoring CBS under Ellison’s Paramount, highlighted by Stephen Colbert’s claim that CBS forbade him from interviewing Texas Democratic Senate candidate James Talarico (CBS denied the claim).
- Paramount’s control could affect CNN’s costs, layoffs, and coverage (source).
More to come
- Regulatory scrutiny will dominate the merger discussion in the coming months. Federal approval is likely, but the deal also faces European regulators and potential state lawsuits (see the California Attorney General’s actions).
- The theater industry is actively lobbying against the merger (source).
If the Paramount‑WBD merger is ultimately greenlit, two declining businesses will need to combine into a profitable entity. Even with regulatory clearance, the Paramount‑Skydance‑Warner‑Bros‑Discovery conglomerate faces a steep uphill climb.
Although the bidding war may be settled, the fight for WBD is only beginning.