Paramount Global and Warner Bros. Discovery face financial challenges as they struggle to shift focus to streaming from declining cable TV businesses.
Paramount is looking for a streaming partner, potentially a big tech firm, to expand its Paramount+ service, while Warner Bros. Discovery also seeks scale to compete with Big Tech independently.
Despite efforts to invest in sports rights, losing the NBA package impacts Warner Bros. Discovery's leverage with cable distributors, emphasizing the challenges in the changing media landscape.
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