This presentation explores the innovative partnerships and M&A activity that signal a new chapter in TV distribution. It outlines the reasons some major European broadcasters are making their linear channels (and catalogues) available within global SVOD services in home markets. What are the incremental audience win-wins? Do SVOD ad-tiers offer a premium environment and CPM alignment that more broadcasters should consider if looking for third-party digital distribution? When it ‘onboards’ TF1 in mid-2026, does Netflix begin to look like a platform? Netflix has an agreement to acquire Warner Bros. film and TV studios together with HBO and HBO Max, so we consider the implications if this deal closes, including for Australia. RTL has an agreement to acquire Pay TV operator Sky Deutschland in Germany, and Sky in the UK is interested in acquiring ITV, so we hear what these tell us about the future of the global TV industry.