Behind the Numbers: an EMARKETER Podcast The WBD Deal? Netflix’s Ads in 2026? — What Are the 3 Big Questions for Netflix? | Behind the Numbers
Feb 2, 2026
Ross Benes, a senior analyst who covers advertising, streaming and media M&A, joins to tackle Netflix’s biggest crossroads. They dig into Netflix’s ad revenue trajectory and monetization limits. They unpack the potential Warner Bros. Discovery deal and its regulatory and bidding hurdles. They debate growth levers like free tiers, live events, and gaming bets.
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Strong Top-Line But Story Matters
- Netflix grew to 325M subscribers and $45B revenue in 2025, showing strong top-line performance.
- Q4 was its fastest core revenue growth in 4.5 years, but narratives matter more than raw growth now.
WBD Deal Faces Two Big Hurdles
- Netflix's $83B pursuit of Warner Bros. Discovery faces shareholder and regulatory friction.
- Paramount's rival bid and potential regulation are the two main obstacles to closing the deal.
All-Cash Offer Signals Risk
- Netflix must weigh raising its bid against shareholder backlash and valuation concerns.
- The all-cash switch signals seriousness but has already cut Netflix's market value by ~1/3 since October.