Paramount and Warner Bros to combine streaming services after merger

Paramount will merge its Paramount+ streaming service with HBO Max following a successful bid for Warner Bros Discovery, Paramount chief executive David Ellison said on Monday.

In a conference call, Ellison stated that the companies plan to combine their streaming portfolios into a single platform over the coming years.

Together, the services currently have more than 200 million direct-to-consumer subscribers across over 100 countries, although some overlap is expected to reduce that figure once the integration is complete.

Paramount ended the fourth quarter with 78.9 million subscribers, while Warner Bros Discovery reported 131.6 million subscribers. For comparison, Netflix recently surpassed 325 million subscribers.

The unified service would bring together major franchises, including HBO's "Game of Thrones" and "The Sopranos," alongside Paramount's "Yellowstone" and "Star Trek."

Ellison did not announce a name for the new platform, which would mark another rebrand for HBO Max after prior iterations as Max and HBO Now.

As part of the transaction, Paramount will also acquire US broadcaster CNN. Ellison said there are no current plans to divest cable assets.

The planned merger follows a rival pursuit by Netflix, which ultimately walked away from the bidding war for Warner after deciding the deal's financial terms were no longer attractive.