Paramount+ And HBO Max Are Set To Join Forces In A Single Streaming App

Paramount Skydance plans to fold Paramount+ and HBO Max into one streaming service once its merger with Warner Bros. Discovery is complete, creating one of the largest direct-to-consumer platforms in the market.

CEO David Ellison outlined the strategy on an investor call, saying the combined streamer is expected to serve more than 200 million subscribers and is being positioned to compete directly with the biggest names in streaming.

Ellison said the company believes the mix of content and technology in a unified service will help it stand alongside the most “scaled players” in direct-to-consumer entertainment. However, key details about how that will look for viewers are still being worked out.

• It is not yet decided whether the two content libraries will be fully blended into one interface or if one service will live as a distinct area inside the other.
• Ellison indicated that the HBO brand will “operate with independence,” suggesting it will retain a clear identity even if it sits inside a larger app.

Pricing is another open question. There is no information yet on what the merged app will cost, or how it will compare to today’s Paramount+ and HBO Max plans. Over the last year, most major streaming services including HBO Max have raised subscription prices, and the market is watching to see whether a combined platform continues that trend.

The Paramount Skydance and Warner Bros. Discovery merger is designed to pull a wide range of linear networks and hit franchises under one roof. On the traditional channel side, the combined company would bring together:

• From Paramount: CBS, MTV, Comedy Central and BET
• From Warner Bros. Discovery: CNN, HBO, TNT and Food Network

Those brands support a slate of well-known franchises and series that could ultimately live inside the unified streaming service, including:

• Game of Thrones
• Mission: Impossible
• DC Universe titles
• SpongeBob SquarePants

Financially, the combined entity is expected to carry around $79 billion in net debt, according to Reuters. That level of leverage would make the deal one of the largest leveraged buyouts on record. The merger is targeted to close in the second half of 2026, subject to regulatory approval.