Skydance is moving quickly to combine two of the biggest names in streaming after completing its acquisition of Warner Bros. Discovery last month. The company said Monday that HBO Max and Paramount+ will be offered together in a new bundle in early 2027, with a more complete integration of the services planned later.
The move gives viewers a clearer picture of what the merger will mean beyond a change in corporate ownership. HBO Max and Paramount+ will remain separate services for now, but Skydance plans to connect them more closely as it cuts costs and tries to compete more effectively with larger streaming rivals.
HBO Max and Paramount+ Bundle Comes First
Skydance said the first major consumer-facing change will be a bundled subscription that includes both HBO Max and Paramount+. The company has not yet announced the price of the bundle or an exact launch date beyond early 2027.
The two services currently maintain separate apps, accounts and programming libraries. Paramount+ said in late October that existing subscribers did not need to make any changes and that no merger-related pricing adjustments had been announced at that time.
That separation is not expected to last indefinitely. Skydance CEO David Ellison has said the long-term plan is to bring the services together, while the company told investors Monday that it will phase in changes as it studies consumer feedback.
The combined streaming operation gives Skydance a broad mix of television, movies, sports and news. Paramount+ carries CBS programming, Paramount films and franchises, Nickelodeon titles and live sports, while HBO Max includes HBO series, Warner Bros. films, DC properties, Discovery programming and other cable-network content.
Skydance said the HBO, HBO Max and Paramount+ businesses together reach about 203 million subscribers globally. The company believes a combined offering can improve retention, expand viewing and make its streaming business more profitable.
A Massive Media Merger
The streaming plan follows the October 6 completion of Skydance's acquisition of Warner Bros. Discovery. The deal brought Warner Bros., HBO, CNN, TNT Sports, Discovery networks and HBO Max together with Paramount, CBS, Nickelodeon, MTV, Paramount+ and other properties under the Skydance corporate name.
Warner Bros. Discovery shareholders received slightly more than $31 per share in cash at closing. Skydance disclosed that it paid about $77.95 billion in cash for outstanding Warner Bros. Discovery common shares, while its preliminary accounting put total purchase consideration at about $97.4 billion after including several additional items.
When the transaction was announced in February, the companies said it valued Warner Bros. Discovery at about $81 billion in equity value and $110 billion in enterprise value. The acquisition was one of the largest media combinations in recent years and placed two major Hollywood studios under the same corporate owner.
The U.S. Justice Department reviewed the deal for eight months before closing its investigation in June. The Antitrust Division said the evidence did not indicate that the transaction was likely to harm competition or consumers in subscription streaming, traditional television or film production and distribution.
That finding cleared a major regulatory obstacle, but the size of the combined company means its decisions will still receive close attention from competitors, creators and consumers. Skydance now controls a large collection of major film and television brands as well as news, sports and cable businesses.
Cost Cuts Will Accompany Streaming Integration
The merger is not only about putting two streaming services together. Skydance is also preparing a major cost-reduction program across the combined company.
On Monday, the company said it is targeting at least $6 billion in annualized savings within three years. The reductions are expected to include corporate overhead, real estate, marketing and technology, according to Reuters.
Skydance said combining two streaming businesses, two film and television studio groups and overlapping corporate operations creates opportunities to eliminate duplicate spending. The company is working on more than 20 cost-saving and integration projects.
Technology will be an important part of that effort. Bringing the two streaming platforms closer together could eventually reduce the need to maintain separate technical systems while giving Skydance more data about how audiences move between different types of programming.
The company also faces a large debt burden after the acquisition. Skydance reported about $87 billion in gross debt and roughly $10 billion in cash, making the success of its savings plan and streaming strategy important to its financial goals.
What Viewers Can Expect
For subscribers, the immediate effect is limited. HBO Max and Paramount+ are still available as separate services, and Skydance has not announced that customers must switch accounts, download a new app or accept a new pricing structure.
The early 2027 bundle will be the first clear test of whether the merger can offer consumers a more attractive deal. A discounted package could appeal to households that already pay for both services, while also giving Skydance a way to reduce cancellations by linking two large libraries under one subscription offer.
The bigger change will come if Skydance follows through on a unified streaming product. That could affect app design, billing, recommendations, content placement and the way the company promotes new films and television series.
There are also questions about how consolidation will affect production. Skydance said when the deal closed that the combined company plans to release at least 30 theatrical films a year and produce more than 180 television shows and series, suggesting that it intends to maintain a large content pipeline even as it reduces costs elsewhere.
For now, HBO Max and Paramount+ remain distinct brands with separate libraries. The next major details will be the bundle's price, launch timing and the company's schedule for moving from two streaming platforms toward a more unified service.