Paramount’s Hostile Bid Turns Streaming Into A Political Drama

It’s ironic that on the day when the 2026 Golden Globes nominations get announced (with a lion’s share tied to streaming), a real-world drama among streaming services takes a considerable turn … as expected. Barely a business day following the news of Netflix’s definitive agreement to acquire Warner Bros., Paramount (this morning) launched a hostile takeover bid for all of Warner Bros. Discovery (WBD).

Politics Trump The “Normal” Regulatory Scrutiny

Since Friday’s announcement, I’ve remained skeptical that the Netflix deal will clear regulatory hurdles. Antitrust issues aside, the bigger obstacle for Netflix is politics. Yesterday, President Trump commented that the “big market share” resulting from a combined Netflix and Warner Bros. “could be a problem” and that he will be involved in the decision.

Detailing this deal’s convoluted web of politics would be, at best, incomplete. But consider how Netflix Co-CEO Ted Sarandos reportedly spoke with President Trump at the White House leading up to last Friday’s announcement, or how Larry Ellison (the father of Skydance CEO David Ellison) is a trusted friend of President Trump, or how Affinity Partners, the private equity firm led by President Trump’s son-in-law Jared Kushner, helped finance Paramount’s all-cash offer to acquire WBD.

Indeed, the stakes are high. Whichever media company, if any, ultimately secures all or part of WBD controls the calculus of the streaming wars and so much more. But buckle up: We’re just at the first episode of this real-world political drama, with more to come well into 2026.

Be on the lookout for Forrester’s upcoming report, The State Of Streaming Services, US 2025 — a data-heavy report filled with insights and trends about the eight major US streaming services, with a focus on consumer usage, ad tolerance, price sensitivity, and more.

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