Paramount Skydance has confirmed plans to unite Paramount+ and HBO Max into a single streaming platform once its merger with Warner Bros. Discovery is finalised, signalling a push to strengthen its position in the increasingly competitive direct-to-consumer market.

Chief executive David Ellison outlined the strategy during an investor briefing, stating that the combined service would reach more than 200 million subscribers globally. He said the breadth of content and expanded technology capabilities would allow the merged company to compete more effectively with the largest streaming operators.

Details of how the integration will work remain unresolved. It is not yet clear whether the two content libraries will be fully consolidated into one application or whether one brand will sit within the other as a distinct offering. Ellison indicated that HBO would retain a level of operational independence following the merger.

Pricing for the proposed service has not been disclosed. Streaming subscription costs have risen widely over the past year, including increases for HBO Max, raising questions about how the merged platform will be positioned in the market.

The merger would bring together a vast portfolio of television networks and franchises. Paramount’s assets, including CBS, MTV, Comedy Central and BET, would sit alongside Warner’s CNN, HBO, TNT and Food Network. Major intellectual property such as Game of Thrones, Mission: Impossible, the DC Universe and SpongeBob SquarePants would be housed within the same corporate structure.

According to Reuters, the combined group is expected to carry net debt of approximately A$120 billion, making it one of the largest leveraged buyouts on record. The transaction is anticipated to close in the second half of 2026, subject to regulatory approval.