Netflix, Warner Bros, and What Streaming Consolidation Means for Advertisers in 2026

After a few months of heated competition, the bidding war has concluded. Netflix has announced that it has beat out competitors like Paramount Skydance, Comcast, Apple, and others to acquire Warner Bros. Discovery. As a result, Netflix would acquire all of WB’s movie studios and streaming assets for a cool $82.7 billion in equity. 

While a deal of this scale still needs to clear antitrust hurdles and regulatory scrutiny, it’s the kind of news that makes everyone sit up and take notice—sales analysts, business professionals, entertainment moguls, and casual TV watchers. But it’s especially important for marketers as they plan for the future of Connected TV.

One of streaming’s original players, Netflix has always been a driving force in shaping the platform’s future. When it transitioned from DVD-by-mail to streaming-on-demand, it took on movie studios and rental chains who insisted they weren’t a threat. Now they’ve acquired one of the largest entertainment conglomerates. For advertisers, who in recent years have flocked to the platform after Netflix reversed its anti-advertising policy, the natural question is: what’s next?

Plot Recap: Breaking Down The Deal

At a glance:  Netflix’s bid would bring together Netflix’s global reach and original-content strength with Warner Bros.’ deep library of premium IP: everything from DC Comics heroes and blockbuster films, to HBO programming and decades of TV assets. The White Lotus, Game of Thrones, Superman, Harry Potter, and more are now slated to sit alongside Netflix’s own ambitious content offerings (in a roundabout way, Friends may finally return to Netflix after WB massively outspent them for the rights—a sign of how streaming used to operate versus now).

Why it matters: By combining two powerhouse content back-catalogs and streaming infrastructures, Netflix is positioned to control an enormous share of premium streaming inventory—and be the home of must-see content that drives the cultural zeitgeist. That scale and library depth have rarely existed under one roof.

Why this isn’t a one-off: This move isn’t an isolated incident; the streaming industry is entering a phase of consolidation, driven by economic pressure, rising content costs, and the difficulty for smaller players to sustain stand-alone services profitably.

The “Streaming Wars” are winding down:  Analysts argue that the era of dozens of major streaming services—each in a financial arms race to produce or license their own content—is ending. We’re now entering an era of fewer, larger platforms that aggregate content from multiple sources and offer diversified revenue models (subscriptions, advertising, and licensing). 

Consolidation Means Maturation

It’s tempting to view market consolidation as “less competition,” but the reality is more nuanced. After a chaotic half-decade of over-fragmentation, shifting priorities, and even frequent name changes (hello, HBO Max/Max/HBO Max), the industry is confidently stabilizing for the next era. Netflix/WB aren’t alone in its potential consolidation; Disney+ and Hulu have already merged, Hulu is scheduled to sunset, and Paramount is now licensing content to other services like Netflix. Analysts argue we’re going to see more players bow out as media giants realize they can simply make more money licensing content.

Consolidation forces a reckoning: fewer players, clearer differentiation, and more disciplined investment. It can stabilize content libraries, protect legacy IP, and drive stronger ad revenue opportunities for media companies. This, in turn, encourages further investment into the platforms through creative risk-taking, longer-term content development, and stronger courting of advertisers. “In 2026, streamers will finally stop pretending they’re TV networks with prettier apps,” predicts Jeff Fagel, Chief Marketing Officer. “Marketers will demand more control, expect improvements in transparency, more performance pressure, and clearer reporting (finally).” 

In other words: we’re leaving the race of who can launch more apps and claim more subscribers, and entering a stage where the winners build enduring, ad-friendly platforms—and that’s great news for advertisers looking for long-term value and safe media buys.

How Advertisers Can Prepare Now

1. Review pricing: As platforms merge, expect to see a rise in monetization strategies like bundled subscription/ad-supported tiers, hybrid models, and FAST (Free Ad-Supported Streaming) channels. Advertisers need to be aware of pricing and viewing habits as they change; JamLoop can help by both operating outside walled gardens and offering preferred pricing so you’re always following your audience for the best ROAS.

2. Embrace data and measurement: The rise of consolidation is going to cause some chaos, just as the wave of fragmentation did a few years ago. Ad platforms that unify data and deliver cross-platform attribution are going to play a bigger role than ever, and both agencies and brands should look for partners who offer full transparency and measurability in this new era.

3. Prioritize flexible, omnichannel buying: As platforms consolidate and content moves fluidly across services, viewers are bound to move around. Advertisers should shift from rigid, platform-by-platform planning to flexible strategies that unify channels under one performance framework. Look for CTV advertising platforms that operate outside of walled gardens and only use premium inventory; this eliminates the need to handle multiple contracts, advertising representatives, and trying to determine where to best invest your budget.

Setting the Stage for 2026

After years of runaway fragmentation—and media companies chasing subscriber growth at any cost—the streaming industry is finally entering a new phase of maturity. In 2024, rising prices, major consolidation, and the sunsetting of underperforming services will reshape the landscape. Add in a wave of new ad-supported opportunities, and the year ahead is poised to be another watershed moment for CTV, laying the groundwork for sustained growth through the back half of the decade.