In the news recently there has been a lot of talk about Netflix being the apparent winner in the bid to buy out Warner Bros./ Discovery (WBD) for a reported $82.7 billion. There are still a lot of steps before the deal would become official, including an attempted hostile takeover being waged by Paramount Skydance (newly bought by the Ellison family of Oracle fame). While there are a lot of factors that go into why a decisions to buy another company, one of the focuses of the reporting has been on the number of subscribers that WBD brings to the table through HBOMax and Discovery+. 

According to company released information, WBD has a little under 58 million subscribers in the US and 68 million internationally. But how unique are these subscribers to Netflix? And would Paramount be a better ROI in terms of new subscribers (assuming subscribers don’t leave post merger)? According to our numbers the number of gained subscribers would be greater for Paramount. 

Key takeaways:

• 📺📺8 out of 10 HBO Max subscribers already have a Netflix subscription: According to our data from the early part of Q3, 23% of American adults report that they have a HBO Max subscription. Of these consumers 79% also have a Netflix subscription. While this would not be a zero addition to the Netflix family of subscribers it is certainly a relatively low number of new subscribers.
• 🍽️🙏 Roughly half of HBO Max subscribers have a Paramount + account : The Ellison family would get a larger number of new subscribers if their hostile takeover is successful. Just under half of current HBOMax subscribers (47%) already have a Paramount + account. 
• 😊🙋 Who is happy with their subscription?: While the growth numbers favor Paramount (at least in percentages), they might have a slightly harder time keeping subscribers. Overall Netflix has a score of 70.27 on our PVI (Perceived Value Index) rating where 100 would mean all subscribers find a high level of value in their subscription. In comparison HBO Max is at a 64.9 among all subscribers and a 65.25 among consumers who have a Netflix subscription as well. For Paramount the numbers are 64.43 and 61.33 respectively.