Skydance has begun outlining its streaming future after completing its $110 billion acquisition of Warner Bros. Discovery on October 6 — and the centerpiece is a plan to unify HBO Max, Paramount+ and Discovery+ into a single service with more than 200 million subscribers.
The company describes the single-service goal as a longer-term project. The separate apps keep running for now, while Skydance works on interim bundles, phased account moves and shared back-end systems. Three separate catalogs, subscriber bases and technology stacks are now under one roof, and the company says combining them is aimed at reducing churn and streamlining offerings in an increasingly competitive market.
The intent was signaled well before the deal closed. Chief executive David Ellison has said the combined entity would have a little over 200 million direct-to-consumer subscribers, putting it within striking distance of industry leader Netflix. Company statements say uniting Paramount and HBO Max creates a streaming business competitive with Disney — and analysts expect the consolidation to reshape subscription pricing as the industry moves from fragmentation toward scale.
Leadership changes have already begun. HBO chief Casey Bloys was appointed co-chair and chief content officer of Skydance’s direct-to-consumer division, with oversight of original programming across HBO Max and Paramount+, while executives have stressed that HBO will continue operating with independence. Pluto TV, the free ad-supported service, will continue as a separate free streaming experience.
The combined company brings together two major film studios, two global streaming platforms and television assets including CBS, with libraries spanning franchises such as Top Gun, Star Trek, Harry Potter and The White Lotus. The company targets more than $6 billion in annual run-rate cost synergies within three years — a figure investors will test against the debt load and the $30 billion-plus of annual content spending the business must sustain.
