Paramount Plans to Merge HBO Max and Paramount+ Into One Streaming Platform

Summary:

• Paramount plans to merge HBO Max and Paramount+ into one platform with 200 million subscribers globally.

• The $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance paved the way for the deal.

• Paramount CEO Ellison wants HBO to operate independently within the combined service, but details on integration remain uncertain.

Paramount CEO David Ellison confirmed during a March 2 investor call that the company intends to combine HBO Max and Paramount+ into one streaming platform, a move that would create a service with roughly 200 million subscribers worldwide.

The announcement came in the wake of Paramount Skydance’s agreement to acquire Warner Bros. Discovery in a deal valued at more than $110 billion. The deal was signed after Netflix withdrew from a competing bid for WBD’s assets, clearing the way for Paramount’s $31-per-share offer.

Ellison said Paramount wants the HBO brand to “operate with independence” within the combined service. He praised HBO chief Casey Bloys and his team, saying the network should be allowed to continue doing what it does well.

Although what the combined service will actually look like remains an open question. Ellison did not reveal what the new platform would be called or how much it would cost. It is also unclear whether HBO Max would exist as a separate tile within a larger app or be fully integrated into one interface.

The technical integration could prove to be one of the biggest challenges. Streaming expert Dan Rayburn, chairman of the Streaming Summit at the NAB Show, told The Hollywood Reporter that the concept is still too new to fully evaluate.

Rayburn noted that Ellison carefully avoided using the word “combining” in his remarks, which may signal the company is leaving room for more of a bundled approach rather than a full platform merger.

Paramount is already managing a complex internal tech consolidation, working to unify Paramount+, Pluto TV and BET+ under a single stack by mid-2026. Layering in HBO Max’s separate infrastructure would add significant complexity.

The two companies are also prohibited from beginning collaborative work or directly communicating on future operational strategy until the deal officially closes. The transaction is expected to close in the third quarter of 2026, pending regulatory approval and a shareholder vote from WBD investors.

California Attorney General Rob Bonta has signaled his office intends to scrutinize the deal closely. Federal regulators, the European Commission and the U.K.’s Competition and Markets Authority are also reviewing the merger.

The combined company will need to manage approximately $79 billion in net debt at close, making it one of the largest leveraged transactions in media history.

The two services have different pricing structures, regional availability and feature sets. Paramount+ offers live linear channels that HBO Max does not, while HBO Max operates in more than 110 countries compared to roughly half that for Paramount+.

Ellison told analysts the integration would take place “over the coming years.”