Bipartisan Report: More Competition, More Consumer Benefits, and More Jobs: Why the Paramount-Warner Bros. Merger Deserves Approval

Stephen Moore and Robert Wolf say the transaction would strengthen competition, support American jobs and provide consumers with a stronger entertainment alternative

WASHINGTON, July 9, 2026 /PRNewswire/ -- Stephen Moore, former senior economic adviser to President Donald Trump and Chairman of Unleash Prosperity, and Robert Wolf, who served as CEO and chairman of UBS Americas, is the founder of 32 Advisors, and served as an economic adviser to President Barack Obama on the Economic Recovery Advisory Board and Jobs Council, today released a new report concluding that the proposed Paramount–Warner Bros. Discovery merger would strengthen competition, expand consumer choice and better position Hollywood to compete with the world's largest technology-backed platforms.

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The bipartisan report, "More Competition, More Consumer Benefits, and More Jobs: Why the Paramount–Warner Bros. Merger Deserves Approval," provides an economic and antitrust analysis of the transaction. It finds that combining Paramount and Warner Bros. Discovery would create a better-capitalized American entertainment company capable of investing in additional content, streaming technology, theatrical releases and production-related jobs.

"The entertainment industry is undergoing one of the most dramatic transformations of any sector in the American economy," said Stephen Moore. "Paramount and Warner Bros. are competing every day against Netflix, Amazon, Apple, Disney, YouTube, TikTok and other enormously well-capitalized global platforms. Bringing these companies together would create a stronger American competitor capable of investing in more content, more innovation and more jobs."

"Our analysis indicates that the Paramount–Warner Bros. Discovery merger would strengthen the combined company's ability to compete in a media market increasingly shaped by large technology-backed platforms," said Robert Wolf. "Greater scale should support additional investment in content and streaming technology, provide consumers with a stronger entertainment option and help sustain film and television production."

The report's principal findings include:

• The entertainment marketplace remains broad, fragmented and highly competitive. Consumers can choose among numerous streaming services, broadcast and cable networks, theatrical studios, independent producers, free ad-supported platforms and digital creators. The combined company would continue competing across these categories for audiences, subscriptions, advertising, creative talent and box-office revenue.
  
  
• The combined company would not dominate television viewing. Nielsen's March 2026 measurements placed Paramount at 8.1% of U.S. television watch time and Warner Bros. Discovery at 6.1%. Those figures measure viewing time rather than formal antitrust market share and were elevated that month by March Madness programming.
  
  
• The companies remain smaller than the largest streaming platforms. Paramount+ reported 79.6 million global subscribers and Warner Bros. Discovery reported 131.6 million, compared with more than 325 million paid Netflix memberships worldwide. The report notes that the Paramount and WBD figures are gross subscription totals and may include customers who subscribe to both services.
  
  
• The merger would give consumers access to a broader entertainment offering. Combining the companies' content libraries would expand programming choices, improve search and content discovery, and reduce the need for some households to maintain two separate subscriptions.
  
  
• Hollywood is already experiencing a significant employment decline. Bureau of Labor Statistics data show that motion-picture and video production lost approximately 49,000 jobs during the decade ending in February 2026—a decline of roughly 21%. The report concludes that a stronger and more consistent production pipeline would support work across the industry, including for actors, writers, editors, camera crews, set builders, drivers, costume designers, technicians, caterers and small businesses.
  
  
• The merger establishes a clear expansion of theatrical output. Paramount Pictures and Warner Bros. will remain separately operated studios, with each producing at least 15 theatrical films annually. Together, the two studios will release a minimum of 30 films per year, creating a larger and more dependable pipeline of theatrical content.
  
  
• The transaction preserves a meaningful theatrical release model. Each film will receive a full theatrical release and remain in theaters for a minimum of 45 days before becoming available through paid video on demand, providing theater operators with a predictable supply of new releases.
  
  
• Expanded production could help strengthen the movie-theater business. Annual movie-ticket sales in the United States and Canada fell from approximately 1.6 billion in 2002 to 769 million in 2025. A larger slate of theatrical releases would provide theaters with more programming while supporting the workers and local businesses tied to production and exhibition.
  
  
• The merger is projected to generate more than $6 billion in annual efficiencies. Savings from combining streaming technology, back-office systems, real estate, procurement and marketing would provide additional capacity to invest in content, production and improvements to the combined streaming service.

"At a time when global technology companies are investing enormous sums in content and distribution, American entertainment companies need the scale and resources to compete," Moore said. "This merger would strengthen Hollywood's ability to invest, innovate and remain a global leader."

"Consumers benefit when companies compete to provide better content, technology and value," Wolf said. "The Paramount–Warner Bros. transaction would bring additional competitive energy to the marketplace while supporting the people and businesses responsible for creating American film and television."

The complete report is available HERE.

About Stephen Moore

Stephen Moore is a former senior economic adviser to President Donald Trump and served as chief economist for President Ronald Reagan's Privatization Commission. He is chairman of Unleash Prosperity.

About Robert Wolf

Robert Wolf served as an economic adviser to President Barack Obama on the President's Economic Recovery Advisory Board and Jobs Council and served on President Joe Biden's Defense Business Board. He is the former chairman and CEO of UBS Americas and the founder of 32 Advisors.

SOURCE Unleash Prosperity