DIS

Paramount and Warner Bros. Discovery have merged in a deal worth about $110 billion, forming one of the largest entertainment companies in history. Streaming rivals face a stronger competitor overnight. Less noticed is what this does to the cost of live sports rights, the one asset every major streaming platform needs and none can manufacture.

Creator opposition gives regulators political cover to block streaming consolidation; expect regulatory scrutiny to intensify across media M&A.

California governor race chaos forces fragmented Democratic primary spending across media platforms. Long streaming/digital media beneficiaries of political ad surge.