Analysis: Millions of Irish viewers rely on global streaming platforms and large mergers can have an impact on the stories we see on our screens
By Catarina Marvão, UCD
Who should control the stories the world watches? That question sits at the heart of one of the biggest media deals in decades. After months of negotiations and a dramatic bidding battle, Paramount Skydance agreed to acquire Warner Bros Discovery in a deal worth roughly $110 billion. This deal reflects a broader trend: cultural industries are increasingly consolidating around a small number of global platforms.
Netflix originally tried to buy Warner's studios and streaming assets late last year, but ultimately stepped away when Paramount raised its offer. If approved by regulators and shareholders, the merger would create one of the largest entertainment companies ever assembled.
This may sound like distant Hollywood corporate news, but it matters for Irish viewers. Streaming has become central to everyday life in Ireland. In 2024, about 69% of Irish internet users reported watching films, series or sports through streaming services, and more than three quarters of households with children subscribed to at least one platform. In practice, that means millions of Irish viewers rely on global streaming platforms every week. When companies that produce and distribute content merge on this scale, it can shape what appears on our screens, what we pay to watch it and which stories get told.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
From RTÉ Radio 1's Today with David McCullagh, what the battle for Warner Bros means for the future of movies
Financially, the deal is enormous. Paramount’s offer values Warner Bros Discovery at roughly $110 billion including close to $80 billion in debt. Paramount also committed to covering the $2.8 billion termination fee owed to Netflix, compensating the streaming platform for walking away from its earlier deal with Warner. This matters because large debt burdens often shape the strategy of merged companies, pushing them to prioritise cost reductions, scale and profitable franchises.
A battle for Hollywood’s library
The deal combines two giants of the entertainment industry. Warner Bros Discovery controls one of the most valuable libraries in global media: HBO series such as Game of Thrones and The Last of Us, film franchises including Harry Potter and DC superheroes and major news assets such as CNN.
Paramount brings its own major catalogue, including franchises like Mission Impossible, Star Trek and Yellowstone. A merged Paramount–Warner would own one of the largest collections of film and television content ever assembled. It would also unite the streaming platforms Paramount+ and HBO Max. This raises an important question: how concentrated is the market for streaming and entertainment? The answer depends on how broadly we define competition.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
From RTÉ 2FM's Morning With Laura Fox, entertainment journalist Brian Lloyd looks at the battle between Paramount and Netflix for Warner Bros
Supporters of the merger argue that the combined company will face strong rivals such as Netflix, Disney+, Amazon and YouTube. If the relevant market is defined broadly as global "screen entertainment", competition remains intense. Critics focus on narrower markets – such as premium television production or subscription streaming services – where consolidation would be significant.
Market definition will shape how regulators evaluate the deal. A broader market definition makes the merger appear less problematic. A narrower one suggests greater risks to competition.
What could happen to prices?
Streaming services currently compete aggressively through monthly subscription prices, promotional discounts and bundled offers. When competition weakens, prices may rise or promotions may become less generous.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
From RTÉ Radio 1's Morning Ireland, Paramount rivals Netflix with $108.4 billion takeover bid for Warner Bros Discovery
Globally, the subscription streaming market is already dominated by a small number of platforms. Netflix alone has more than 260 million subscribers worldwide, while HBO Max and Paramount+ together have over 160 million. This merger would further strengthen the position of the largest platforms.
Demand elasticity also plays an important role. The more "must-watch" content a platform controls, the harder it becomes for viewers to cancel their subscriptions. Popular franchises and exclusive series make demand less sensitive to price increases because viewers may feel they cannot easily switch to another service.
Some efficiencies may partially offset these concerns. Combining production pipelines, technology platforms and distribution networks may reduce costs and allow the merged company to invest more heavily in new productions. However, regulators typically require strong evidence that such efficiencies are real and driven by the merger.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
From RTÉ Radio 1's Today with Claire Byrne, How YouTube is beating Netflix in TV viewing
The wider streaming ecosystem
Beyond prices, consolidation can reshape the broader media ecosystem. Smaller platforms may find it harder to license popular content if large studios prefer to keep that content within their own streaming services. This could make it more difficult for emerging streaming platforms or regional broadcasters to compete.
Organisations such as RTÉ and the BBC rely on access to international programming to complement domestic production. If fewer companies control the most valuable content, licensing costs could rise and negotiating power could shift. The result could be fewer high-profile international programmes available to public broadcasters.
The impact on creative workers
A merged group would oversee thousands of creative workers. The recent Hollywood strikes highlighted how dependent writers and actors already are on a small number of buyers. Further consolidation reduces outside options, thus weakening bargaining power over wages and working conditions. This is in practice a labour-market monopsony – where a dominant buyer has power over workers.
The merger may lead to layoffs to eliminate overlapping departments and reduce costs. Further, fewer commissioning studios may mean fewer opportunities for experimental or high-risk productions.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
From RTÉ 2FM's Jennifer Zamparelli Show in 2023, entertainment journalist Brian Lloyd on the strikes by Hollywood actors and writers
Culture and global storytelling
Streaming platforms also shape cultural visibility: which stories are told, in which languages, and which are promoted. Europe has long debated the dominance of Hollywood in global culture. A merged Paramount–Warner group would reinforce that concentration further. For Ireland, where streaming adoption is high, this risks fewer programmes available to public-service platforms and weaker bargaining power for Irish producers.
Digital media mergers are difficult to assess. Regulators in the US and Europe will approve the Paramount–Warner merger, analysing if the scale allows companies to compete globally, invest in expensive productions and simplify choices for consumers; or block it. It will have to determine whether there are significant concerns about higher subscription prices, reduced competition for creative workers and growing control over global storytelling. However, the deeper question may be simpler: who should control the stories the world watches?
Follow RTÉ Brainstorm on WhatsApp and Instagram for more stories and updates
Dr. Catarina Marvão is an Assistant Professor in the School of Business at University College Dublin.
The views expressed here are those of the author and do not represent or reflect the views of RTÉ
