"But that's unlikely to put a hold on M&A activity among major TV and streaming companies. The first question becomes what do WBD's spurned suitors do in response? Paramount and Comcast's NBCUniversal are unlikely to pair up given the U.S. Federal Communications Commission's broadcast ownership rules (and the U.S. government's antagonistic relationship toward Comcast). But there are (much) smaller targets on the market: A+E Global Media, AMC Networks, Lionsgate, Starz, etc."
"Then there's the much bigger question of how does Disney react? And the clarifying question - with Disney CEO Bob Iger slated to step down in 2026 - of who will oversee Disney's reaction? Or does Disney become an acquisition target because Netflix's attempt to acquire WBD has jolted its tech counterparts, namely Amazon and Apple, to bolster their respective streaming libraries with owned-and-operated intellectual property (and does Disney's content licensing deal with OpenAI influence or de-influence that)?"
Netflix's planned acquisition of Warner Bros. Discovery's streaming and studio business will not close in 2026, but the attempt will sustain M&A activity across TV and streaming. Spurned suitors may pursue smaller targets such as A+E Global Media, AMC Networks, Lionsgate and Starz, while strategic reactions from Disney could reshape competitive dynamics amid Bob Iger's 2026 departure. Amazon and Apple may respond by acquiring more owned intellectual property to bolster their libraries. YouTube has solidified dominance on the TV screen, expanding beyond streaming. AI-driven CTV platforms and new apps like Instagram's CTV offering will further reshape distribution and discovery.
Read at Digiday
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