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The media industry faces multiple challenges as it kicks off its earnings season, with traditional TV declining, weak advertising revenue, and a potentially long and bitter strike by actors and writers' unions. Netflix will report earnings this week and investors will be focused on the progress of its ad-supported tier and crackdown on password sharing. At the same time, Disney, Paramount, and Warner Bros face headwinds in their TV businesses. Disney CEO Bob Iger extended his contract to address challenges facing Disney's TV networks, indicating he may consider selling off parts of the TV business. Recent deals like the FTC's failed attempt to block the Microsoft-Activision acquisition and the successful Warner-Discovery merger indicate that more media consolidation may be on the way.

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