Paramount+ and HBO Max could be merging into a single streaming service

Source: Engadget

Merger Overview

Paramount Skydance plans to combine Paramount+ and HBO Max into a single streaming service following the completion of its merger with Warner Bros. Discovery. CEO David Ellison confirmed the plan on an investor call, saying the combined platform would serve over 200 million subscribers and position the company to compete with the biggest players in the streaming space.

“We think the combined offering, and given the amount of content and what we can do from the tech side, really will put us in a position to be able to compete with the most scaled players in DTC,” – David Ellison

Integration Details

It’s not yet clear whether the two libraries will be fully integrated, or whether one will exist as a standalone service within the other. Ellison indicated that the HBO brand will “operate with independence” during the call.

Pricing Uncertainty

Also unclear is what the newly combined app would cost subscribers. The past year has seen nearly across‑the‑board increases in the cost of streaming services, including HBO Max.

Combined Assets

The planned merger would unite:

• Paramount assets: CBS, MTV, Comedy Central, BET
• Warner assets: CNN, HBO, TNT, Food Network

along with franchises such as Game of Thrones, Mission: Impossible, the DC Universe, and SpongeBob SquarePants under one roof.

Financial and Timeline

The combined entity is expected to carry roughly $79 billion in net debt, according to Reuters, and could be considered the largest leveraged buyout in history. The deal is expected to close in the back half of 2026, pending regulatory approval.