Paramount Warner Bros Merger Could Pull Kids’ Shows From Netflix in 2026

The Paramount–Warner Bros merger could strip Netflix of some of its most-watched children’s programmes, including SpongeBob SquarePants, Teen Titans Go!, and The Amazing World of Gumball. Paramount formally acquired Warner Bros. Discovery (WBD) on 26 February 2026 in a deal worth $110.9 billion (roughly £87 billion), and analysts now warn that a content pull-back from Netflix is a real possibility — with British families among those who could feel the impact.

The Paramount Warner Bros Deal Could Take a Bite Out of Netflix’s Kids Content
by u/pbx1123 in WB_DC_news

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What the Paramount–Warner Bros Merger Actually Means

Paramount Skydance, led by CEO David Ellison, won a months-long bidding war for WBD that also involved Netflix and Comcast. The final offer valued WBD at $31 per share and has been unanimously approved by both companies’ boards of directors. The deal is expected to close in Q3 2026, subject to regulatory sign-off.

The combined company will own a film library of more than 15,000 titles alongside some of the world’s best-known franchises: Harry Potter, Game of Thrones, the DC Universe and HBO Max platforms will have more than 200 million subscribers across 100-plus countries — positioning the merged giant to directly challenge Netflix at scale.

That ambition is precisely what makes Netflix’s current licensing deals worth scrutinising. If the new company wants to compete with Netflix, it has every reason to pull content back in-house rather than continue lending it to a rival.

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Which Netflix Kids’ Shows Are at Risk

A Netflix Kids Content Performance Report covering the latter half of 2025 found that nearly one third of the platform’s most-watched children’s titles were either Paramount or WBD properties. The full at-risk list includes SpongeBob SquarePants and The Loud House (both Paramount/Nickelodeon) alongside Teen Titans Go! and The Amazing World of Gumball (both Warner Bros. Discovery/Cartoon Network).

PAW Patrol and Peppa Pig also appear on the most-watched list, though neither is owned by Paramount or WBD — so those two titles face no immediate threat from this deal.

The licensing question is not straightforward. Pulling shows from Netflix removes a revenue stream. Keeping them there props up a direct competitor’s family offering. Paramount faced exactly this dilemma with South Park, which it licensed to HBO Max before realising how much value the show could have driven for Paramount+. That mistake reportedly became a legal dispute and is widely cited inside the industry as the cautionary tale that will shape how the merged company handles its next licensing decisions.

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The UK Picture: CMA Review and British Streaming Impact

For UK viewers, the merger adds an additional layer of uncertainty. The deal must pass through the Competition and Markets Authority (CMA) under the Enterprise Act 2002. The CMA will conduct its own investigation — independent of US regulators — into whether the merger creates a substantial lessening of competition in British markets.

UK law firm Brabners has noted that regulators will now assess a single full-group merger rather than the partial asset deal that Netflix had proposed, which materially changes the theories of harm under consideration. The CMA’s initial review alone can take up to 40 working days, meaning British clarity on the merger’s implications may not come until summer 2026 at the earliest.

The Paramount–WBD deal is being compared in scale to Disney’s acquisition of 21st Century Fox in 2019. That merger reshaped content availability across platforms for years — and it took several licensing cycles before the full impact became clear to everyday viewers.

The streaming industry has already shifted once: major studios pulled content from Netflix to launch their own platforms, then began licensing it back out again when subscriber growth flattened. A second reversal — driven by consolidation rather than expansion — would squeeze Netflix’s family content at a moment when it still relies on third-party IP to fill its children’s section.

For UK subscribers paying £4.99–£17.99 per month depending on their Netflix plan, the value of that subscription depends partly on shows they do not realise are licensed, not owned. That distinction could matter a great deal within the next 12 to 18 months.

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FAQ

Q: Will SpongeBob SquarePants leave Netflix UK after the Paramount–Warner Bros merger?
A: No decision has been announced. SpongeBob SquarePants is a Paramount property currently licensed to Netflix. If the merged Paramount–WBD entity opts for an exclusivity model, it could pull the show to its own streaming platform when the licence expires. No removal date has been confirmed as of March 2026.

Q: What shows could Netflix lose because of the Paramount Warner Bros merger?
A: A Netflix Kids Content Performance Report found that nearly a third of the most-watched children’s shows on the platform are Paramount or WBD properties. The titles most at risk include SpongeBob SquarePants, Teen Titans Go!, The Amazing World of Gumball, and The Loud House. PAW Patrol and Peppa Pig are not affected by this merger.

Q: When will the Paramount and Warner Bros Discovery merger be completed?
A: The merger is expected to close in Q3 2026, pending regulatory approvals in the US and internationally. Both companies’ boards approved the $110.9 billion deal on 26 February 2026. UK clearance from the Competition and Markets Authority must also be obtained separately.

Q: Will the Paramount–WBD merger affect Netflix UK subscribers?
A: Potentially, yes. UK viewers could see popular children’s shows moved off Netflix once current licensing deals expire. The CMA is reviewing the merger independently under the Enterprise Act 2002, meaning British viewers face their own regulatory timeline before the full picture becomes clear.

Q: What streaming service will Paramount+ and HBO Max become after the merger?
A: Paramount CEO David Ellison has confirmed the two platforms will eventually merge into a single combined service. No final name or UK launch date for the Paramount Skydance’s winning offer was $110.9 billion, valuing WBD shares at $31 each. The deal was funded by $47 billion in equity backed by the Ellison family and RedBird Capital Partners. Netflix, which lost the bidding war, walked away with a $2.8 billion termination fee.

Q: Where can I watch SpongeBob SquarePants in the UK right now?
A: SpongeBob SquarePants is currently available on Netflix UK as part of a standard subscription starting at £4.99 per month. That access is tied to an existing licensing deal and is not affected by the merger announcement at this stage.

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References

• Deadline Hollywood — https://deadline.com/2026/03/paramount-warner-how-netflix-kids-content-impacted-spongebob-1236758955/
• NBC News — https://www.nbcnews.com/business/media/warner-bros-discovery-signs-merger-agreement-paramount-skydance-rcna261035
• Paramount official press release — https://ir.paramount.com/news-releases/news-release-details/paramount-acquire-warner-bros-discovery-form-next-generation
• Brabners (UK merger control analysis) — https://www.brabners.com/insights/corporate/last-bid-standing-paramounts-warner-bros-takeover-the-uk-merger-control-test
• Wikipedia – Proposed acquisition of Warner Bros. Discovery — https://en.wikipedia.org/wiki/Proposed_acquisition_of_Warner_Bros._Discovery