• by Wayne Friedman , Staff Writer, Today

For all their efforts, big modern media companies may be struggling to find near-term success when choosing a specific media-channel combination for growth.

Should they pursue more live TV, streaming deals, mobile, video shorts, or gaming?

What is the right mix? A lot depends where they currently are positioned in the broad media-platform spectrum.

Two major media companies may potentially be in a state of high-profile transition, with Netflix and the still-in-the-process merger of Paramount and Warner Bros. Discovery.

For Netflix, analysts say this could mean more major advertising and audience-expanding live sporting and other events.

But others want to see the streaming giant continue to move more into mobile, video shorts, and podcasts. And then there is more of a branding issue for the big streamers.

Dan Salmon, media analyst of NewStreet Research, pondered this headline in a recent note: “Time to be more like YouTube instead of HBO”?

Paramount Skydance needs to take another direction.

Would that be live TV and linear channels? Paramount Skydance (with more WBD) already has a strong position in live, linear TV. CBS/Paramount+ and its NFL deal come to mind.

While cable TV networks are a dramatically declining business, Paramount still gets major cash flow from those channels.

You can’t give that up so fast, or change much of it -- especially when you are looking to grow your streaming business.

Contrast this with the recent deal Netflix made with TFI to take on a modern role as a cable/satellite pay TV distributor. This comes from a broad programming deal with TF1 to carry its linear channels.

Paramount’s one obvious emphasis is to continue to gain more strength in streaming -- which is where its proposed consolidation of Paramount+ and HBO Max business. All this gives a combined streaming share that is larger than Netflix.

And did we forget about Comcast Corp? Not at all. Spinning off its NBCUniversal business comes after spinning off its cable networks.

If you are looking for trends, try to read the tea leaves...  for these can be difficult for observers.