What Audience Behavior Tells Us About the Future of a Netflix-HBO Max Combo | Chart

With Netflix’s revised all-cash offer for Warner Bros. Discovery looking increasingly likely barring regulatory hurdles, much of the industry discussion has centered on balance sheets, regulatory scrutiny and corporate scale.

That macro view is important. We’ve previously highlighted how a Netflix-WBD merger would beat out Disney to create a new market leader in terms of demand for shows. But there is a second, equally important layer to this story: audience behavior and what that would...