Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — May 11, 2026

Media

Our Call Steven Cahall

Good Morning Media! is our daily take on the relevant newsflow affecting the Media & Equity Analyst | Wells Fargo Securities, LLC

Steven.Cahall@wellsfargo.com | 212-214-8240

Cable sectors.

Omar Mejias

Equity Analyst | Wells Fargo Securities, LLC

Bread and butter. New research shows that a combined HBO Max + Paramount+ would Omar.Mejias@wellsfargo.com | 787-370-9353

dominate unscripted streaming, capturing ~25.1% of global SVOD demand for unscripted

content in 1Q26, per Parrot Analytics, ahead of Disney+/Hulu (22.3%) and Netflix (14.9%).

The scale advantage stems from deep libraries (e.g., Survivor, late-night, news) despite

limited new ordering. On their own, HBO Max was responsible for 18.7% of that demand

with Paramount+ taking 6.5%. (Source: Deadline)

Enjoy responsibly. Heineken retained Dentsu as global media agency after a competitive

review, while consolidating creative across Publicis, WPP, and Stagwell. Publicis keeps

global secondary production and remains lead creative on the core Heineken brand,

which was excluded from the review. COMvergence estimates $550mm in global media

spend. The move supports Heineken’s EverGreen 2030 strategy and its “Freddyai”

transformation, aiming for fewer but deeper agency relationships. (Source: AdAge)

Ask me anything. Google is rolling out “Ask YouTube,” an experimental AI-powered

conversational search for U.S. YouTube Premium users (18+), blending AI summaries with

curated long-form videos, Shorts, and follow-up queries. Instead of just keywords, users

will be encouraged to type longer queries directly, prompting the system to generate

comprehensive overview pages rather than just a list of video links. (Source: The Verge)