Bipartisan push for Paramount-Warner Bros. merger

Stephen Moore and Robert Wolf contend that the proposed union would generate $6 billion in annual efficiencies, allowing the combined entity to reinvest in streaming technology and content. Their analysis frames the deal not as a consolidation of power, but as a defensive strategy against deep-pocketed competitors like Netflix, Apple, and Amazon. The authors emphasize that the current media landscape remains highly fragmented, noting that even combined, the two companies would command a relatively modest share of total U.S. television viewing time.

Beyond market positioning, the report highlights the potential for labor stability. With Bureau of Labor Statistics data showing a 21% decline in motion-picture and video production jobs over the last decade, the researchers suggest that a more consistent production pipeline could revitalize the industry. Under the proposal, both Paramount Pictures and Warner Bros. would continue to operate as distinct studios, each committing to at least 15 theatrical releases annually. This commitment aims to provide movie theaters with a predictable supply of content, addressing a long-term slump that saw annual ticket sales in North America drop from 1.6 billion in 2002 to 769 million in 2025. By maintaining a 45-day exclusive window for theatrical runs, the merger seeks to preserve the traditional exhibition model while offering consumers a broader, more integrated library of content.