Paramount+ and HBO Max set to combine into a single streaming platform after WBD deal completion

After Netflix unexpectedly pulled back from its effort to acquire Warner Bros. Discovery, Paramount Skydance moved in to buy the company instead. On Monday, CEO David Ellison said on a call with investors that the company intends to combine Paramount+ and HBO Max into a single unified streaming platform.

"Our combined company will be home to many of the greatest, most recognisable and beloved franchises in the world, from 'Harry Potter' to 'Top Gun,' 'Star Trek' to 'Looney Tunes,' 'Game of Thrones' to 'Yellowstone.' This represents a tremendous opportunity, and we fully intend to invest in the creative engines of both studios, making them the most sought-after destination for the industry's leading creative talent," Ellison said during the call.

Ellison also sought to reassure investors that HBO's identity and creative direction as a studio would remain intact, saying, "Our viewpoint is HBO should stay HBO." He further pledged to maintain a strong theatrical release strategy, promising 15 films per year for each studio, for a combined total of at least 30 theatrical releases annually.

The announcement follows Paramount's recent agreement to acquire WBD for roughly $110 billion. The merger would unite a massive collection of film, television, and news assets under a single corporate umbrella and is widely expected to reshape the Hollywood landscape. It also continues the broader consolidation trend already seen across the streaming industry, including moves like the combination of Disney+ and Hulu.

With an expected subscriber base of more than 200 million, the combined streaming service would emerge as a major challenger among the top players in the streaming market.

At the same time, the merger is likely to face close examination by the U.S. Department of Justice over concerns about media concentration and competition. Last week, California Attorney General Rob Bonta said the state would rigorously review the acquisition.

In addition, industry observers have warned that the merger will likely lead to substantial job cuts, heightening employees' concerns about layoffs and putting downward pressure on wages. There are also growing questions about editorial independence, especially given the Ellison family's political ties to Donald Trump and the increasing scrutiny surrounding news operations at CBS and CNN.

Ellison expressed confidence that the deal would proceed without major obstacles. He described the merger as "pro-competition, pro-consumer, and pro-creative community," adding that the transaction would "create a stronger Hollywood and global production ecosystem, one that expands consumer choice and unlocks opportunities for creative talent," he said.