Déjà vu. Warner Bros. Discovery’s board told shareholders yesterday to reject Paramount’s revised acquisition bid — warning that it relies on shaky promises and could face big financial and regulatory hurdles. The board, once again, reaffirmed their support for the Netflix deal instead — calling it stronger, more certain, and better for long-term value. Now the question is how Paramount will respond. Walk away? Amend its bid … again? Force a shareholder vote? If you think you know how this streaming saga will conclude, think again. Nothing is certain right now. The regulatory process is expected to play out well into 2026, if not longer.

This news comes on the heels of brand-new consumer data from Forrester as we continue our coverage of this drama-filled bidding war. Forrester’s December 2025 Consumer Pulse Survey sampled 563 US online adults: 65% subscribe to Netflix, 30% to HBO Max, and 30% to Paramount+. The survey included a series of questions to gauge sentiment and preferences regarding WBD’s acquisition bids from Netflix and Paramount.

Netflix — Not Paramount — Is The Odds-On Favorite

When it comes to streaming giants vying for Warner Bros. Discovery, consumers default to familiarity. Netflix is the clear favorite, largely driven by the service’s sheer proliferation. Forrester’s survey data shows that Netflix was the most-named preferred acquirer in open-ended responses, with consumers citing “already subscribed,” “easier to use,” and “trusted user experience.” But here’s the rub: While 35% of US online adults agree that Netflix’s acquisition would benefit consumers (versus 29% for Paramount), only 31% believe it would actually lower their streaming bill. In fact, 36% outright disagree with the idea of a cheaper bundle. Consumers, en masse, worry about streaming price hikes.

Most Consumers Are Ambivalent … But Still Concerned

The center of gravity around this deal is neutral. More respondents sit in the “wait and see” middle than in the “rah-rah” camp. Only 36% support Netflix’s acquisition outright, and 30% support Paramount’s. Regulatory optimism is even lower. Anticonsolidation and price-hike fears dominated open-ended responses. Our quant data backs this up: 42% of US respondents agree that media consolidation is bad for consumers, compared to just 23% who disagree. The message? Consumers are watching closely and expect streaming services to deliver on value — choice, price, and quality — demonstrating that consolidation won’t mean higher prices or fewer competitive choices.

Gen Z Wants It Both Ways: Cinema And Streaming

Here’s where things get interesting. Gen Z is vocal about protecting theatrical releases and physical media (surprising, right?), but they also demand the convenience of streaming. The future of film distribution isn’t binary. Quant data shows a near-even split: 50% of US Gen Z online adults agree that Netflix will continue theatrical releases, while 44% want films released straight to streaming. Open-ended responses reveal that Gen Z is most worried about consolidation leading to more show cancellations and loss of content. Streaming leaders will wrestle with preserving tentpole theatrical windows while delivering fast streaming access to digital natives.

Dual Netflix + HBO Max Subscribers Prefer A Single Service

One of the big questions — should Netflix prevail in acquiring Warner Bros. — is what happens to HBO Max. Will it remain a standalone streaming service? We isolated 141 US consumers in our survey who subscribe to both Netflix and HBO Max and asked them what they would want Netflix to do with HBO Max. Most (44%) want Netflix to create a single streaming service with both Netflix and HBO Max content included. As for the rest? About a quarter (24%) want HBO Max maintained as a totally separate streaming service and app, while 25% want Netflix to keep HBO Max as a separate service but have a “one app experience” to access both Netflix and HBO Max (similar to what Disney+ now does with Hulu).

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