A streaming service really only needs a few shows a customer wants to see to make them cough up the money, so CBS not having the biggest library isn't a problem as long as they have enough worthwhile content.
I don't see why being in fifth place would be a problem as long as the service makes a profit, not being number 1 (or 2) is not a failure and being in control of Star Trek for example does have huge advantages, they're not at another company's mercy when it comes to renewals, no clauses in contracts that stops them from putting the show elsewhere etc.
But that Variety article made an argument that the streaming wars may be more cutthroat and more of a zero-sum game than people here are willing to admit and mentioned scale is important.
A family that signs up for Disney Plus or a couple that signs up for HBO Max, may not want to pay for CBS All Access as well There is more direct competition here in terms of streaming dollars.
Now there is no guarantee CBS/Viacom will be a loser in the streaming war, but there is no big reason to see them as a winner at the moment as well unless as a merged company, they present a more coherent strategy.
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