Market power drives Senate scrutiny for good reason; a combined Netflix–HBO Max would concentrate premium CTV buying without expanding total market size.

On today’s podcast episode, we discuss the three big questions surrounding Netflix right now: What are Netflix’s advertising expectations? What will actually happen with Warner Bros. Discovery? And more. Join Senior Director of Podcasts and host Marcus Johnson, along with Senior Analyst Ross Benes. Listen everywhere, and watch on YouTube and Spotify.

Short-form, shoppable, and side-by-side features aim to narrow the gap between Paramount and Netflix, but Netflix remains the safer bet for advertisers.

A major streaming asset sale could reshape the CTV ad market. Bundling would concentrate demand and lift CPMs, while a no-deal would keep fragmentation high. Either way, platform fortunes will diverge.

Regulatory pressure and political alignment are now influencing programming stability, deal viability, and advertiser confidence one year into Trump's second presidency.

Netflix’s ad revenues hit $1.5 billion, with expectations to double in 2026 as its next phase will hinge on broadening inventory advertisers know how to buy.

Netflix’s all-cash WBD bid means a faster deal that would ease streaming uncertainty and help advertisers plan around Netflix’s ad tier.

The ad industry kept busy during the holiday season, so we rounded up the biggest stories from the last two weeks you need to know about.

Netflix’s 2026 ad plans revolve around WBD: The mega-merger would give the burgeoning ad business a major boost for years to come.

On today’s podcast episode, we discuss our “very specific but highly unlikely” predictions for 2026: what Amazon will do with the price of Prime; between OpenAI and Apple, who’s most likely to buy whom; and why a potential WBD acquisition by Netflix might not go through in 2026—if at all. Join Senior Director of Podcasts and host Marcus Johnson, Principal Analyst Nate Elliott, and Vice Presidents of Content Suzy Davidkhanian and Paul Verna. Listen everywhere, and watch on YouTube and Spotify.

Warner Bros. Discovery (WBD) rejected Paramount’s hostile acquisition bid Wednesday and told its shareholders the offer is “inferior” to Netflix’s bid. WBD’s board said Paramount’s offer carried "significant risks,” adding that it does not see a “material difference” in the risks Paramount will face compared with Netflix in receiving approval in the US and globally. Consolidation will reshape ad market dynamics regardless of WBD’s fate.

After Netflix won the bidding war and Paramount pushed forward with a hostile bid, a new possibility is emerging for the fate of Warner Bros. Discovery (WBD). The Information reports a possible compromise between Netflix and Paramount, where Netflix would acquire WBD’s studio assets and Paramount would be in charge of its HBO Max streaming service and cable networks. Netflix remains the frontrunner without any conclusive regulatory action preventing the acquisition, but Paramount remains the best option for advertisers.

To counter complaints about its proposed Warner Bros. purchase, Netflix co-CEO Ted Sarandos has pointed to what he says is the company’s biggest competitor: YouTube. Netflix’s contention that YouTube is its biggest competitor is defensible, but key differences exist between the platforms that opponents could use to swing back. Ultimately, it may come down to a court ruling—and recent antitrust cases suggest judges may side with Netflix.

Paramount has taken its $30-per-share WBD offer directly to shareholders, launching a $108.4 billion hostile tender backed by sovereign funds and major banks. The move intensifies its battle with Netflix, whose smaller bid would spin off WBD’s cable networks and merge HBO Max with Netflix’s global platform. Paramount argues that its fully consolidated approach preserves ecosystem value, avoids heavy antitrust scrutiny, and protects theatrical output, while Netflix’s deal would concentrate subscription and premium-video power. For marketers, the stakes are substantial: a Netflix acquisition could limit ad-supported supply and raise prices, while a Paramount deal maintains competition, inventory diversity, and greater planning clarity.

Netflix will officially acquire Warner Bros. Discovery’s (WBD) streaming and studio assets in an $82.7 billion deal, the company announced Friday morning. Netflix stated it has secured $59 billion in financing from a collection of banks to finalize the deal. This is a coup for Netflix. Acquiring Warner Bros. will provide exclusive control over intellectual property such as DC, Harry Potter, Lord of the Rings, and HBO Originals. Ted Sarandos agreed, framing the acquisition as a rare but necessary shift for Netflix to maintain its leadership.

After Netflix announced its plans to purchase Warner Bros. Discovery (WBD) Friday, advertisers were left questioning the future of streaming advertising across two of the industry’s strongest ad-supported platforms. Even amid uncertainty on the deal’s future, the current strategy for advertisers is to prepare for a consolidated streaming market where a select few players command audience attention.

NBC News is introducing an ad-free, subscription-based streaming platform that consolidates its full lineup of content, spanning linear broadcasts, podcasts, live channels from NBC-owned stations, and original exclusive reports, into a single application, per Variety. Multiple platforms appeal to user preferences but cause more difficulties for advertisers who are struggling with an increasingly fragmented TV ecosystem.

Warner Bros. Discovery has entered a pivotal stage in its takeover fight, with Netflix, Comcast, and Paramount Skydance submitting second-round bids and political forces shaping the odds. Comcast is preparing an offer near $27–$28 per share for WBD’s studio and streaming divisions—topping Paramount’s $25-per-share bid—while WBD CEO David Zaslav reportedly wants something closer to $30. Netflix faces new White House antitrust concerns, Comcast faces political hostility, and Paramount Skydance holds the most favorable political backing. The stakes are massive: whichever buyer prevails will redefine the balance of power across premium streaming, theatrical franchises, and high-value CTV inventory.

Netflix, Comcast, and Paramount have all submitted acquisition bids for some or all of Warner Bros. Discovery (WBD), sources told Deadline, starting a bidding war that would fundamentally reshape the media landscape. Regardless of the outcome, a restructuring of WBD will impact marketers by unlocking the ability to increase audience reach, run integrated campaigns across premium properties, and simplify media buying.

Paramount Skydance’s first full quarter under CEO David Ellison wasn’t flashy—but it was confident. Revenues were roughly in line, shares jumped over 10%, and management struck a new tone: Paramount is (re)building. Ellison and president Jeff Shell raised synergy targets to $3 billion, boosted film and TV output, and reaffirmed streaming growth through UFC integration on Paramount+. Ellison teased “buy versus build” ambitions amid merger chatter with Warner Bros. Discovery, signaling offense over defense. The message landed: Paramount’s next act is about agility and intent—a media giant betting it can grow faster by cutting smarter.