Paramount will not remain independent by the end of the year. The streaming market is likely to be dominated by three main players: Netflix, Warner Brothers Discovery, and Disney. The consolidation of Warner Brothers Discovery and Disney is expected to result in significant efficiency gains through cost-cutting. The new entity is projected to hold onto 90% of the combined revenues and achieve a 20% cost reduction. Despite challenges in the television industry, Disney is expected to be a major player due to its strong family content. The speaker has made stock picks for Warner Brothers Discovery and Disney, as he believes in their potential for growth and consolidation opportunities at low multiples.