1243 GMT - Folding HBO Max and Netflix into one product could lead to consumers tuning out of Netflix shows, Deutsche Bank analyst Bryan Kraft writes. "HBO Max customers are already engaging with HBO Max content and Netflix members might, in many cases, simply watch HBO Max shows instead of the next Netflix show they were going to watch," Kraft writes. As a result, a tie-up could cannibalize Netflix's own viewing ratings, or represent an exchange of viewers rather than growth. Deutsche still expects the deal to increase time spent by consumers on the Netflix platform, though the extent of growth is uncertain. Netflix trades up 0.5%, or 51 cents, at $100.83 premarket. (josephmichael.stonor@wsj.com)

(END) Dow Jones Newswires

December 08, 2025 07:44 ET (12:44 GMT)

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