The intrigue of the Emmy race over most of the last decade has been largely over who between longtime awards juggernaut HBO and plucky upstart Netflix will come up on top. Barring a rare outlier, like FX’s record showing at the 2024 Emmys, topping both Netflix and HBO/HBO Max powered by Shōgun and The Bear‘s streaks, it’s been HBO or Netflix in the pole position, depending whose top contenders are in-cycle. The pattern extends to the other major award shows with TV categories, including the Golden Globes, the Critics Choice and The Actor Awards.
Netflix’s proposed $82.7B acquisition of HBO/HBO Max and Warner Bros.’ film and TV studio would bring a seismic shift to the TV awards landscape, creating a behemoth of unrivaled proportions.
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To provide a glimpse into what may be in store if the merger closes in Q3 2026 as projected, let’s look at the 2025 Emmy Awards.
HBO/HBO Max and Netflix finished 1-2 both at the nominations and wins stage. HBO/HBO Max landed 142 nominations, followed by Netflix (120), Apple TV (79), ABC (37) and FX (35).
HBO/HBO Max and Netflix’s combined total is a staggering 262 nominations, which is almost three quarters of the nominations for all other networks and platforms combined.
The picture is even more startling after the trophies had been handed out. HBO/HBO Max and Netflix ended up tied with 30 Emmy wins each this year, paced by strong performances from HBO’s The Penguin (9), HBO Max’s The Pitt and Netflix’s Adolescence (8), including acting and Outstanding Drama/Limited Series wins for The Pitt and Adolescence, respectively.
Apple TV, fueled by The Studio‘s record 13 Emmys and Severance’s 8, was third with 22 wins. HBO/HBO Max and Netflix’s joined tally, 60, equaled that of all others combined.
Given the timing of the Netflix-WB transaction — it is eyeing a 12-18-month regulatory approval process — we will have at least one more Emmy cycle of Netflix and HBO/HBO Max jockeying for Emmy bragging rights before they team up to take on the field in a dominant fashion.
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