Consumers Put A WBD-Paramount Merger On Probation

Following a dramatic and politically charged bidding process, Warner Bros. Discovery’s proposed acquisition of Paramount has entered its most consequential phase. On April 23, WBD shareholders will vote on whether to approve the deal — a decision that would further concentrate market power across film, TV, streaming, and news. At stake is the future of creative risk‑taking, distribution leverage, editorial control, and Hollywood jobs.

Paramount frames the acquisition around scale, cost efficiencies, and long‑term growth — backed by financing from a consortium of Gulf-nation sovereign wealth funds. That narrative has drawn scrutiny from regulators and industry stakeholders. But one perspective is largely absent from the debate: the audience itself. As Thursday’s shareholder vote approaches, a more fundamental question remains unresolved: How do consumers actually feel about a combined WBD and Paramount?

To ground this moment in consumer reality, Forrester surveyed 540 US online adults in its March 2026 Consumer Pulse Survey and gathered qualitative input from 419 US online adults in Forrester’s ConsumerVoices Market Research Online Community (MROC). Responses were isolated to streaming subscribers only (481 and 341 respondents, respectively).

Streaming Consumers Are Cautiously Undecided

Forrester’s data makes one thing clear: This is not a consumer‑endorsed deal. It’s also not not one. Streaming subscribers aren’t evaluating the proposed WBD-Paramount merger as investors; they’re evaluating it as customers. From that vantage point, support is conditional. Just 41% agree that the acquisition will improve the entertainment experience overall, while 37% are neutral and 22% disagree — leaving a large share undecided rather than convinced.

That hesitation sets a high bar. For the deal to work from a consumer perspective, the bar is simple: Don’t raise prices, don’t dilute quality, and don’t eliminate choice. In other words, consumers are wary that consolidation will ultimately screw subscribers for scale. For them:

Price is the ultimate trip wire. Forrester’s analysis of streaming price hikes found that average monthly costs have increased 54% since 2021. Consumers worry that this deal will exacerbate that trend. While subscribers see benefits from platform consolidation, only 46% agree that the combined company would be better positioned to compete with other major streaming services to benefit consumers. The majority are unconvinced or ambivalent about its upside. As one subscriber puts it, “nobody cares unless you are considering raising prices,” while another warns that “if the merger means higher prices, it’s a bad deal for consumers.” Their fear is a familiar one: Consolidation reduces pressure, and “once there’s only one option, prices always go up.” Any strategic rationale falls apart if consumers believe this deal accelerates a pricing pattern they already resent.
Content quality is the second rail. Consumers are concerned that creativity could suffer as a result of this deal. Among US streaming subscribers, only 38% agree the acquisition will lead to more innovative and compelling storytelling. There’s clear protectionism, particularly, around HBO’s brand. Consumers fear that deal “synergies” translate into canceled shows and diluted premium programming, telling Forrester “I worry that this will destroy the quality programming that is on HBO Max,” “Do NOT mess with the Max original shows — especially ‘House of the Dragon,’” and “Please don’t sacrifice content and reduce HBO Max’s content production budget.” For streaming subscribers, content is the value exchange, and any deal that risks HBO’s creative edge is met with distrust.
Choice is the pressure point. Consumers welcome bundles but not anything that feels like “cable 2.0.” “I want options, not fewer choices just because companies merge,” said one subscriber. Only 45% of subscribers believe the deal will improve streaming options. In a follow-up poll in Forrester’s ConsumerVoices MROC, consumers who are subscribed to both HBO Max and Paramount+ especially reject forced consolidation. They want to keep the two streaming services either fully separate or with a shared interface (49%) versus one combined service (22%). “I’d rather choose a bundle than be stuck with one big service,” said another subscriber. When consolidation starts to feel like fewer choices instead of easier ones, consumer support erodes.

News Is A Red Line For Many Consumers

When it comes to news, consumers draw a sharp distinction between distribution efficiency and editorial consequence. If WBD shareholders (and ultimately regulators) approve this merger, Paramount would control two major news operations, CNN and CBS News, with global audience reach across broadcast, cable, and streaming. While 48% of streaming subscribers agree that a combined WBD-Paramount company could make it easier to access news programming across traditional TV and streaming platforms, that convenience doesn’t translate into trust. Only 39% agree that having multiple major news organizations under one company would benefit consumers, making news one of the most polarized aspects of the deal in Forrester’s data.

That skepticism hardens in Forrester’s MROC poll. Across open‑ended responses, there were no affirmative arguments that consolidation of news outlets would benefit consumers. Instead, reactions were overwhelmingly negative or cautionary — focused on trust, independence, and influence. As one consumer warned, “this kind of consolidation threatens unbiased journalism.” Another said they had “grave doubts about the fairness and independence of a combined organization,” while others went further, calling the deal “bad for America and consumers” and arguing it’s ultimately “about controlling media and influence.”

The takeaway? For many consumers considering the proposed WBD-Paramount merger, news is where conditional acceptance gives way to resistance.

Forrester clients: Let’s chat more about this via a Forrester guidance session.