The news: Consolidation in the streaming industry is leading connected TV (CTV) budgets to become more concentrated, per our latest US TV and CTV Ad Spending Forecasts.

Key changes on the horizon: Mergers on the horizon, as well as companies concentrating their streaming options, could change who holds power in the TV industry.

• Disney+ could receive $3 billion in US ad revenues following its integration with Hulu in 2026.
• Meanwhile, the merger between Nexstar and Tegna is set to create a dominant player in local TV, generating more ad revenues than many leading streaming competitors.
• HBO Max could see significant growth in its ad tier—currently capturing just 1.5% of US CTV ad spending—if Paramount Skydance merges with or acquires its parent company, Warner Bros. Discovery. That could place HBO Max within a portfolio responsible for over 5% of all CTV ad dollars, similar to that of Peacock and Netflix.

“A Paramount and WBD merger could have massive consequences for the entertainment industry. In addition to concentrating ad budgets, this merger would lead one company to own 9 of the 20 largest US cable networks, 2 of the 5 highest-grossing movie studios, and 3 of the top 10 subscription streaming services. These repercussions would be felt for years,” EMARKETER senior analyst Ross Benes said.

Fragmentation vs. first-party power: As streaming consolidates, the data ecosystems behind these platforms could also merge—creating both opportunities and barriers for advertisers. It could simplify media buying, but it could also reduce data transparency.

• Merged streaming entities may integrate audience data using products offering cross-platform metrics like Disney’s Audience Graph or NBCU’s CFlight to help brands plan, buy, and measure across their channels, adding potential for clearer cross-channel targeting.
• This could provide cleaner intra-platform measurement but weaker cross-platform comparability between separate streaming providers.

Looking ahead: Consolidation will simplify access to inventory while reducing the need for fully automated buying, since relationships with a few major players become more direct. However, AI tools will still play a role in how brands allocate spending and personalize creative within each platform’s environment.

What marketers should do: CMOs should prepare for a CTV landscape dominated by fewer, data-rich platforms. That means:

• Deepening direct partnerships with leading streaming providers to gain priority access to premium inventory.
• Investing in AI-driven analytics to enhance creative testing and budget optimization inside walled gardens.

Dive deeper: Read the full US TV and Connected TV Ad Spending Forecasts H2 2025 report.