The Future is Now: Media Giants Grapple with Unprecedented Change in the Television Industry
New York, NY – The television industry stands at a critical juncture, experiencing a rapid and unprecedented pace of transformation that has media investors and executives on high alert. Deals, spin-offs, and strategic partnerships are redrawing the landscape for traditional television, prompting an urgent re-evaluation of its future. Against this turbulent backdrop, CNBC’s "Future of TV" survey returns, soliciting insights from a cross-section of media insiders to predict the industry’s trajectory over the next three years.
While the industry has always been dynamic, the current climate is marked by a palpable sense of urgency. The long-standing decline in cable TV subscriptions continues unabated, and while streaming services have largely achieved profitability, subscriber growth has largely plateaued. These shifts are not merely theoretical exercises; they underpin hundreds of billions of dollars in ongoing mergers and acquisitions, reflecting a desperate scramble for market share and sustained relevance.
Recent months have seen a flurry of significant corporate maneuvers. February witnessed Paramount Skydance’s agreement to acquire Warner Bros. Discovery – a deal currently stalled due to antitrust concerns. This followed a sales process where even Netflix, the disruptor of the pay-TV model, nearly acquired WBD’s film studio and HBO Max assets. In June, Fox announced a whopping $22 billion acquisition of streaming platform Roku, signaling a strategic embrace of the streaming ecosystem. Further illustrating the industry’s restructuring, Comcast plans to spin off NBCUniversal in 2027, following the recent spin-out of Versant, its portfolio of cable TV networks including CNBC. Meanwhile, Charter Communications received final regulatory approval for its $34.5 billion merger with Cox Communications, poised to create the largest cable company in the U.S.
Beyond outright acquisitions, media companies are increasingly exploring partnerships to generate revenue. NBCUniversal, for instance, has forged an alliance between its Peacock streaming service and YouTube. Disney, under its new CEO, is focused on integrating its vast array of media assets, including ESPN, ABC, FX, Disney+, and Hulu. Even Netflix, once the poster child for binge-watching and ad-free content, has reversed course on several core strategies, introducing ads and cracking down on password sharing in a bid to appease investors – despite its stock being down over 35% in the past year. Concurrently, YouTube continues to capture a growing share of viewer attention, forcing the broader media industry to adapt to evolving consumption habits, particularly among younger audiences.
These seismic shifts are compelling every company in the ecosystem to redefine its strategic priorities. To gauge the collective sentiment on where TV is headed, CNBC posed five key questions to ten prominent media executives. Notably, several predictions from their 2023 survey proved remarkably accurate, including the continued, albeit diminished, presence of linear pay TV, the challenges of bundling streaming services, and the eventual consolidation of platforms like Paramount+ and HBO Max.
Here’s an in-depth look at their 2026 predictions for television by 2029:
Will we have hit a floor on cable TV subscribers in three years?
The consensus among executives leans towards a continued decline, with no discernible "floor" in sight. Chris Winfrey, President and CEO of Charter Communications, foresees a "dramatic" decline, citing the rising cost of retransmission for essentially free over-the-air content. He suggests that broadcast and cable content will increasingly be accessible through apps and large streaming bundles, potentially even including Netflix, which he likens to a "big cable programmer."
Jeff Zucker, CEO of RedBird IMI and former NBCUniversal CEO, concurs, stating, "I don’t think we’ll have a floor. I do think it will continue to decline… until sports rights eventually disappear from cable," though he believes this is at least a decade away. Charlie Collier, President of Roku Media, offered a colorful analogy, noting that while "nothing truly goes to zero," the "direction of travel is unmistakable." Rashida Jones, CEO of Uncensored, also acknowledged the difficulty in reversing the trend of consumers opting for non-linear platforms, though she noted the decline hasn’t been as rapid as some industry forecasts.
What’s one thing that will become a TV industry standard that doesn’t exist today?
Executives highlighted a range of innovations, with a strong emphasis on personalization, AI, and enhanced interactivity. Jimmy Pitaro, Chairman of ESPN, confidently predicted "ubiquitous personalization." He envisions networks delivering tailored content at the right time, with content being promoted and even created based on user preferences. Pitaro also foresees the rise of "frictionless commerce integration," allowing viewers to purchase products directly from within the content.
Anjali Sud, CEO of Tubi, believes ads will become "way more useful and relevant," mirroring the personalized experience found on social media. She anticipates hyper-personalization that makes advertising feel less interruptive and more genuinely helpful.
John Landgraf, Chairman of FX Content and Studios, emphasized "day and date global releases" as a crucial evolution, predicting that major shows will increasingly premiere simultaneously worldwide.
Jeff Zucker anticipates an influx of "podcasters and livestreaming shows being licensed to cable networks," becoming a standard part of TV programming.
Jeffrey Hirsch, President and CEO of Starz, reiterated his previous prediction from three years ago: significant advancements in language technology. He envisions a "content without borders" world where AI enables seamless viewing in any native language, eliminating the need for traditional subbing and dubbing.
Chris Winfrey pointed to "immersive programming, particularly around sports with 8K," as a key differentiator. He cited Charter’s Spectrum Front Row collaboration with NBA and Apple Vision Pro as a glimpse into a future where "a courtside experience" can be brought into every living room.
Will there be a major government action to prevent a Big Tech company from getting bigger in the entertainment industry?
The question of government intervention sparked varied opinions. Jeff Zucker believes Big Tech has lost "a lot of goodwill among the left and Democrats," suggesting they will face increased scrutiny. However, he cautioned that any significant action might depend on the outcomes of upcoming elections.
Rashida Jones predicted a "consumer and an industry backlash to some of these deals," citing recent pushback against the Paramount-WBD merger from Hollywood professionals. She believes this sentiment could alter the trajectory of such consolidations.
Conversely, Anjali Sud argued that the "convergence between Silicon Valley tech and Hollywood… has already happened." She highlighted that tech platforms already dominate time spent and attention, with YouTube holding the largest share of TV viewing in living rooms. Sud noted the blurring lines, with Instagram doing vertical videos for TV and the Oscars being streamed on YouTube. "You don’t put the genie back in the bottle," she asserted, suggesting that consumer preferences for tech-entertainment convergence are too deeply ingrained.
Are we in a sports viewership ratings bubble?
The overwhelming sentiment among executives is a resounding "no." Jimmy Pitaro emphatically stated, "The answer is a fast ‘no.’" He attributed this to improved ratings measurement, including out-of-home and streaming usage, and noted that "every time the industry expects a downturn, numbers continue up and to the right."
Chris Winfrey agreed, predicting continued growth in sports ratings due to a mix of short-form and long-form content, as well as immersive experiences. He emphasized that live sports is one of the few forms of content that truly needs to be watched in real-time.
Jeff Zucker echoed this sentiment, stating, "Live works. People want live events, they want live news, and they particularly want live sports. They want things that AI is not going to be able to replicate." He believes live sports will remain "very, very strong."
Charlie Collier reinforced this, calling live sports "one of the last true mass reach experiences in our culture." He highlighted its ability to create "communal moments" and predicted that premium sports will remain "incredibly valuable, perhaps even more than today."
While Rashida Jones acknowledged that "every industry has a ceiling and available audience," she believes that recent distribution deals broadening platform access will lead to a "peak" and then a "drop down." Brian Fuhrer, Nielsen’s Senior Vice President of Product Strategy, explained that Nielsen’s methodological improvements, particularly in out-of-home measurement, have directly contributed to increases in sports ratings, a trend he expects to continue.
What’s another service that you think will gain significant market share, beyond the current streaming giants?
While there’s broad agreement that the current streaming behemoths will likely retain their dominance, executives identified potential disruptors and emerging players. Debra OConnell, Chairman of Disney Entertainment Television, suggested that a future market leader might be a service "we’re not thinking of today" or existing platforms expanding their engagement capabilities, citing Instagram’s foray into TV formats.
Chris Winfrey believes the real opportunity lies with an "aggregator of all these different services," envisioning a new entrant that can replicate the original value proposition of cable TV by offering bundled services at a discounted rate.
Jeff Zucker pointed to the increasing length of TikTok videos and the continued rise of "niche casting," where small communities play significant roles across various services.
Brian Fuhrer highlighted the tremendous adoption and growth of Free Ad-Supported Streaming Television (FAST) platforms like "Roku Channel, Tubi, Pluto." He predicts continued growth as these services enhance their offerings, add original content, and gain popularity.
Jimmy Pitaro nominated "Epic Games," citing Disney’s $1.5 billion investment and the "endless" possibilities for connecting gaming experiences with entertainment and sports content.
John Landgraf, however, expressed skepticism about an entirely new, unheard-of streamer becoming a "meaningfully competitive" player in long-form video within three years.
Finally, Jeffrey Hirsch confidently put forward his own company, "Starz," as a contender for significant market share.
The insights from these industry leaders paint a compelling picture of a television landscape in constant flux. While the dominance of major streamers is expected to endure, the paths to profitability, audience engagement, and market expansion are being fiercely debated and innovated upon, ensuring the next three years will be nothing short of revolutionary for the world of television.
