Media giant Paramount Global released its fourth-quarter earnings report Wednesday amid acquisition rumors. Although talks between Paramount and Warner Bros. Discovery have reportedly stalled out, other potential buyers have been circling.

Despite its recent struggles to sell enough ads and meet investors’ profit expectations, Paramount has a lot to offer as the streaming wars give way to consolidation.

Streaming is in an awkward spot, with services trying to turn a profit in a crowded field and grumpy consumers cycling through increasingly expensive subscriptions. 

“We’re not at equilibrium right now,” said Michael Smith of Carnegie Mellon University. “The equilibrium can’t be 10 different streaming services where I can’t remember which one has ‘Big Bang Theory.'”

That’s where consolidation could be a good thing. For any of those streamers to increase their revenue, Smith said, there needs to be less choice. 

David Offenberg, a professor at Loyola Marymount University, said companies want to merge with streamers that have something they don’t. 

“I think they really need to complement each other well,” Offenberg said. In terms of content, “one brings movies, the other brings TV. One brings TV, the other brings sports rights.”

And Offenberg said they’re looking for complementary subscriber bases. For example, a service that’s popular with men might want to acquire Starz, which has been targeting women subscribers. Or one that’s looking to attract families might be interested in Paramount+. 

“God knows my nephew loves his ‘Paw Patrol,’ so my brother and sister-in-law can never unsubscribe to Paramount+,” said Charlotte Howell at Boston University.

Howell said kids’ content is one thing that makes Paramount+ a target for acquisition. Not to mention a big NFL contract and a number of its key film franchises, she added.

Ever heard of “Star Trek”? Michael Smith at Carnegie Mellon said that like a lot of legacy media companies, Paramount’s streaming arm has plenty of popular movies and shows. But its online presence needs work.

“They really don’t have the platform to deliver that to the customer,” Smith said. “The Silicon Valley firms have the platform.”

These firms also have the name recognition and tons of subscribers. “What they need is the content,” he said.

So, Smith wouldn’t be surprised to see more tech firms, like Netflix, joining forces with names we recognize from the days of cable.