Seven months ago, Paramount outbid Netflix for Warner Bros. Discovery and set off one of the most dramatic merger battles Hollywood has seen in years. What followed was a real-world season of Succession: shareholder votes, global regulatory approvals, an antitrust lawsuit, a March 2027 trial date, failed settlement talks, public pressure campaigns, and threats to move operations. Every week seemed to bring another twist that left the future of the deal in question.

Paramount’s settlement with the states clears the final major obstacle to its acquisition of Warner Bros. Discovery, creating a media giant that spans HBO Max and Paramount+, Warner Bros. and Paramount Pictures, CBS and CNN, and one of the largest collections of television networks, film studios, and streaming assets in the world. The settlement requires independent editorial boards for CNN and CBS News and commits the combined studios to releasing at least 30 theatrical films annually, with a $30 million penalty for every film Paramount falls short of that target. Paramount will avoid major structural remedies, including the sale of cable networks.

Forrester returned to consumers to understand how they feel about the outcome and what they expect from one of the largest media mergers in history. In an overnight ConsumerVoices Market Research Online Community (MROC) poll, 472 online adults weighed in.

The Settlement Resolves Regulators’ Concerns, Not Consumers’ Concerns

The merger’s promises face consumer disbelief. Twenty-nine percent of MROC respondents say none of the proposed outcomes would make them more supportive of the merger. Many assume consolidation benefits companies and shareholders first, and they expect commitments made before closing to eventually disappear. “Promises are made and not kept,” wrote one respondent. Another said, “I don’t think it matters what they promise before the merger because that can all change once the merger has gone through.” Consumers have a higher standard for Paramount. They want multiyear price commitments, preserved programming, continued access, and consequences for commitments that aren’t honored.

  • Consumers are already pricing in a streaming price increase. Consumers expect the financial benefits of scale to reach their monthly bills. Fifty-six percent of respondents who subscribe to HBO Max, Paramount+, or both identify higher streaming prices as their biggest concern. This is remarkably consistent across the subscriber base: 53% of HBO Max-only subscribers, 57% of Paramount+-only subscribers, and 57% of dual subscribers choose price. “Their decision to merge shouldn’t cost me more,” wrote one subscriber. Another asked Paramount to explain the merger’s impact “in terms of dollars and cents.” Nearly half of current subscribers say better value is the most important outcome the combined company must deliver.
  • Consumers are more focused on preserving existing value than unlocking new value. Consumers evaluate the merger through what remains available, how they access it, and how much control they retain. Only thirteen percent identify more content in one place as the most important outcome, while the open-ended responses attach several conditions to that benefit. Consumers want existing shows to remain available, favorite franchises to keep receiving investment, and the two services to retain their distinct content identities. Some worry about losing HBO Max or Paramount+ through Walmart+, Cricket, Prime Video, and other access arrangements. Others want the option to keep the two streaming services separate rather than being forced into a larger, more expensive package. “Do not force me to pay for what I don’t want,” wrote one HBO Max subscriber.
  • The settlement’s theatrical emphasis has little direct consumer pull. Commitments around movie output and theatrical windows became central to the legal and settlement debate. The agreement includes a $30 million penalty for each film the combined company falls short of its 30-movie annual target. But just 3% of consumers say a stronger movie theater industry is the most important outcome the combined company could deliver. The settlement’s commitments offer limited evidence that the merger will improve the everyday consumer experience. Better value leads at 38%, followed by more high-quality movies and TV shows at 14% and more content in one place at 13%. Consumers also show little appetite for promises of streaming innovation, which attracts another 3%. Instead consumers’ priorities are basic: reasonable prices, quality programming, continued access, and dependable service.
  • Political interference at CNN and CBS News is among a vocal minority. The settlement includes independent editorial boards for CNN and CBS News. While, Forrester’s poll never asked about politics, censorship, CNN, CBS News, or editorial independence, respondents included these issues themselves. Some fear political pressure from President Trump or MAGA-aligned leadership; others complain about liberal or “woke” programming. Several connect their subscriptions to the survival of specific shows, viewpoints, or independent news coverage. One respondent wants assurance that the merged company’s properties can remain “independent from editorial interference.” Another worries that Paramount leadership will “steer the creative direction of the entertainment and news wings.”

Ultimately, this settlement materially changes the trajectory of the streaming wars heading into 2027. A combined Paramount and HBO Max has the kind of heft to take on the likes of Netflix, pairing two major studios with what will become one of the industry’s largest content libraries under a single roof. But at the same time, this level of consolidation only exacerbates consumers’ streamflation concerns. Forrester’s overnight poll shows that streaming subscribers remain skeptical that merger promises will translate into better value. Regulators spent months debating theatrical output, production commitments, and market structure, but consumers are simply asking, ‘Will this merger improve my entertainment experience without increasing my monthly bill?’

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

Share