Warner Bros. Discovery (NASDAQ: WBD) and Paramount Global (NASDAQ: PARA) are two of the largest media companies in the world, operating movie studios and linear TV networks that generate billions in revenue. In recent years, the two entertainment companies moved into the streaming space, where competition has gotten more intense and growth harder to come by. With this in mind, let's explore how the companies are faring, and which is the better buy.

Warner Bros. Discovery has been very vocal about its plans to play in several areas of the streaming market. The company currently operates subscription video-on-demand services HBO Max and Discovery+, which will soon merge to form an as-yet-unnamed service offering movies, TV dramas, nature, programming, and reality shows. Warner Bros. Discovery has indicated that the merged platform will be available as an ad-free subscription video-on-demand (SVOD) package, as well as a lower-cost advertising-based video on demand (AVOD) tier. 

Warner Bros. Discovery also plans to introduce a free ad-supported television (FAST) service sometime in 2023, notably distinguishing itself from other major streaming players such as and Walt Disney, which don't have such an offering.

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Source Fool.com