One merger after another: How the Paramount-WBD deal will impact future Oscar campaigns

September 25, 2026

Michael Goodman, director of entertainment research at Parks Associates, pointed out that the two studios have historically brought starkly different recent trajectories to the table. While Paramount has struggled to secure major wins over the last decade, Warner Bros. is coming off a banner year that saw them dominating the Academy Awards with 11 wins courtesy of the hits One Battle After Another and Sinners.

Per Goodman, any future Oscar contention post-merger will heavily hinge on execution and leadership. "It depends on how Paramount integrates the studios, what the WBD leadership is going to remain after the merger, and who is empowered to greenlight scripts," he says. "Paramount does not have a strong record of producing Oscar-worthy films, but then again, neither did WBD until recently."

Goodman observes that Paramount expects to quickly reduce costs through synergies like layoffs, allowing them to reduce debt as a result.

"While that is at least partially true, it’s hard to realize the degree of savings needed," Goodman said. "History has shown that, too often, savings from synergies are less than promised."

Goodman also warns that if the studio cannot adequately trim that leverage, it will directly impact production. Because movie production relies heavily on debt financing, high leverage could make banks less inclined to fund ambitious slates, putting a question mark behind Paramount’s targeted commitment of 30 theatrical movies annually. "That is going to be difficult to realize," Goodman emphasizes.

Goodman said that having elite IP on paper does not guarantee smooth sailing on screen or on the campaign trail. "If they can’t get financing or are financially limited in other ways and this impacts production, then having the best IP in the world won’t matter," he remarks.

Ultimately, Goodman believes that the combined Paramount-WBD company has to have commercial hits, rather than awards films, to succeed. "Oscars are great, but in the end they need movies and TV shows that are more profitable," he says.

From the article, "One merger after another: How the Paramount-WBD deal will impact future Oscar campaigns" by Saleah Blancaflor.

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One merger after another: How the Paramount-WBD deal will impact future Oscar campaigns

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