Once peaceful, studios now fight streaming wars. Paramount Skydance seeks to win by buying Warner Bros Discovery for $110bn, but faces lawsuits from 12 states led by California.

The merger promises cost savings that could lift EBITDA from $12bn to $18bn, but critics say it only deepens concentration. Meanwhile, Wells Fargo reports Disney could add 40% to its market cap by ditching Disney+ and focusing on content sales.

Disney+ has struggled, with margins of only 13% versus legacy studio profits, and its market cap is now 15% lower than pre‑streaming levels. Even Netflix, the pioneer, saw shares drop a fifth this year, proving heavy investment doesn't guarantee loyalty.

The studios’ own distribution strategies may have been overhyped, and their biggest rivals may be their own missteps.