"Franchise upside will come from location-based entertainment, digital/gaming, and consumer products," an executive at a licensing agency said. "If you look at the Disney ecosystem, the parks are one of their most potent income generators on the balance sheet. And if you marry [Warner Bros. Discovery's] DC Comics, Harry Potter, and Looney Tunes with [Paramount Global's] SpongeBob, Paw Patrol, and Teenage Mutant Ninja Turtles, that is a very rich library. And that assumes they continually get new and refreshed entertainment offerings, and the respective consumer products teams can seamlessly merge and have a franchise strategy that a newly formed division can embrace and support." Yet consolidation could also lead to less content being available for consumer products licensing. As studios sought to cut costs in the face of growing debt, some projects were shut down. When Discovery merged with Warner Bros. Media, for example, the high-profile Batgirl film was scrapped.