Netflix has dropped out of the bidding war for Warner Bros. Discovery (WBD), making Paramount Skydance the expected owner of WBD. A Paramount-WBD merger remains subject to regulatory approval, but it’s likely that we will see a Paramount-Skydance-Warner-Bros.-Discovery media giant.

Such a conglomerate would unite two legacy media companies that have struggled with profitability for years and have strongly invested in streaming and cable.

With Paramount inching closer to WBD ownership, let’s look at what the union implies for streaming and cable.

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