WBD merger provides scale to compete in streaming — combined entity would be #2/3 in US streaming. Paramount+ subscriber growth inflecting. IP library (Mission Impossible, South Park, Star Trek) remains highly valuable.
Linear TV revenue decline is structural and accelerating. Combined WBD debt would be enormous (~$60B+). Deal execution risk is high — regulatory, financing, cultural integration. Streaming path to profitability requires years of heavy investment.
WBD deal falls through, streaming subscriber growth stalls below 60M combined, debt covenant pressure emerges
Updated Mar 17
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