What Warner Bros deal could mean for film lovers everywhere

The proposed takeover of Warner Bros. by Paramount Skydance appears to be entering its final phase after winning shareholder approval, though regulatory clearance is still pending. Despite taking place in the US media industry, the deal could reshape the entertainment landscape for film and TV audiences all across the world if it goes through.

Paramount plans to combine Paramount+ with HBO Max into a single platform designed to compete more directly with industry giants like Netflix, Amazon and The Walt Disney Company. The merged service would offer a broader content library under one subscription, though pricing details remain uncertain, as reported by American media.

Warner Bros. and its streaming arm, HBO Max, boast a strong catalogue that includes hit series such as “The Pitt,” “Game of Thrones,” and “Sex and the City.” Beyond the Harry Potter franchise, the studio’s film library features major blockbusters like “Sinners,” “Barbie,” and “Superman” (reflecting its ownership of DC Studios).

On the other side, Paramount Global offers a catalogue that includes films such as “Top Gun,” “Titanic,” “The Godfather,” and the TV series “Yellowstone.”

In the US streaming market, data from JustWatch shows HBO Max held around 12% of on-demand subscriptions in the first quarter of this year, compared with just 3% for Paramount+. Even if combined, the two services would still trail behind Amazon’s Prime Video at 17% and Netflix at 19%. Meanwhile, The Walt Disney Company commands the largest share overall, at roughly 27% when combining Hulu and Disney+.

In the short term, analysts suggest users currently paying for both services could benefit from lower combined costs. Over time, however, a stronger, less competitive streaming market could give the new entity room to raise prices, potentially increasing overall costs for consumers.

Under Donald Trump, regulatory approval is expected to proceed quickly. Scott Wagner, head of antitrust at Bilzin Sumberg, said it is likely to be “full speed ahead.” Still, concerns about higher prices and potential job losses may prompt legal challenges from state authorities, with California’s attorney general already pledging a “vigorous” review.

The deal also carries implications for Hollywood. Industry players had previously feared a takeover by Netflix, which might have shifted focus away from theatrical releases. Unlike Netflix, both Paramount and Warner Bros still depend on cinema box office revenue, but consolidation could mean fewer films being produced—mirroring trends seen after Disney’s acquisition of Fox.

Paramount is already cutting costs following its merger with Skydance under CEO David Ellison, and analysts expect further reductions as the company manages debt tied to the deal.

Political media landscape

Beyond entertainment, the merger could reshape the US media landscape. It would place the powerful news channel CNN under the control of the Ellison family, whose ties to the White House have raised concerns among Democrats and media watchdogs about editorial independence.

Critics point to recent changes at another channel, CBS—also brought under Ellison’s influence—including oversight of perceived bias, newsroom restructuring, and tensions with journalists. Reports that the Ellison family has discussed potential changes at CNN with Trump have further fueled concerns, especially given his long-standing criticism of the network.

By Nazrin Sadigova