Paramount+ and HBO Max could soon become one unified streaming platform, if regulators approve Paramount Skydance’s proposed acquisition of Warner Bros. Discovery.
Speaking during an investor call, Paramount CEO David Ellison confirmed that the plan is to combine the two services into one offering following the merger. Based on current subscriber figures, the merged platform would total around 200 million subscribers, which would immediately create one of the largest streaming services globally.
Details are still thin on the ground given that Paramount’s bid for Warner Bros. Discovery has only just been accepted. While Paramount executives have not outlined pricing, branding or launch timelines, Ellison was clear on one point: the HBO name isn’t going anywhere.
“HBO should stay HBO,” Ellison said, referencing the brand’s long-standing reputation for premium programming.
While the final name remains undecided, HBO is expected to remain a key sub-brand within the broader service.
Beyond prestige drama, Paramount is also positioning the combined platform as a sports heavyweight with this merger uniting TNT Sports and CBS Sports. This would bring together coverage that includes the NFL, NBA, MLB, NHL, March Madness, NASCAR, The Masters and major tennis tournaments.
Executives said they have not received signals from regulators suggesting that this scale of sports rights would raise antitrust concerns.
For HBO, the move would mark yet another chapter in a long and sometimes confusing streaming evolution. The brand first entered streaming in 2010 with HBO Go, followed by HBO Now in 2015. After AT&T acquired Time Warner, the service became HBO Max in 2020. When WarnerMedia later merged with Discovery, the platform was renamed simply Max. It then reverted back to HBO Max last year to capitalise on the strength of the HBO name.
If approved, the Paramount Skydance deal would reset that strategy again. This time it would create a consolidated service designed to compete more directly with Netflix and Disney+. For now, the merger remains subject to regulatory approval. However, if it goes through, the streaming landscape could look very different in 2026.
(via CNBC)
Opinion
Party poppers appear to be going off at the offices of Paramount Skydance as their offer for Warner Bros. Discovery has been accepted, but there’s still a while to go before it’s ratified by regulators around the world.
And I’m struggling to see it being approved.
It wouldn’t surprise me if it was, and while I’m not expert on M&A deals, this joint company would be setting off so many alarms that I’m struggling to see how anyone would see it as being a good deal for anyone side the shareholders involved.
It’s clear that Paramount wanted Warner Bros. legacy, but the power and influence this would give Paramount Skydance over sports, movies, TV production across the world would seem too big a power for one company to wield.
Paramount+ reportedly has 79 million subscribers, while HBO Max is nearer to 131 million, and this combined subscriber base would put it close to Disney+ (if not above) but still well behind Netflix which has 325 million.
It won’t trip the same issues as a WBD/Netflix acquisition, but there will be questions over how Paramount Skydance can fund what is essentially two massive companies, both of which have incurred significant losses in the last few years; and continue to expand to compete against its rivals.
The deal would result in fewer streaming services, which will only see prices go further up, especially as providers begin to leverage sports as part of their overall package. So while Paramount must be happy, I’m left wondering whether this is a good deal for the media industry, customers, and Paramount itself.
