Paramount-Warner Bros. merger closes: What happens to HBO Max and Paramount+?

The Paramount-Warner Bros. Discovery merger means HBO Max and Paramount+ now have the same parent company, but it does not mean viewers need a new app or subscription today. The takeover closed on October 6, 2026, creating a combined company called Skydance. It plans to bring its streaming products into one service over time; for now, HBO Max says there are no immediate changes to either app’s content, subscriptions or pricing.

Who owns HBO Max now?

Skydance owns HBO Max through its acquisition of Warner Bros. Discovery. It also owns Paramount+, bringing the two streaming services into one corporate group alongside the Warner Bros. and Paramount film studios.

What is Skydance? Before this deal, Skydance was the entertainment company that joined with Paramount in 2025. The enlarged business has taken the Skydance name and is led by chairman and CEO David Ellison. The change in ownership does not, by itself, change where a show or movie is available to stream.

Will Paramount+ and HBO Max merge?

That is the plan, but it has not happened yet. In announcing the completed takeover, Skydance said its direct-to-consumer streaming products would become a single service over time. The company has not specified when viewers will move to a unified service or announced its name, subscription tiers or price.

For existing subscribers, the distinction matters: a future combined service is not the same thing as an immediate bundle, a shared login or one library available in both current apps. HBO Max’s subscriber guidance says people who pay for both HBO Max and Paramount+ can continue using each separately. It says there are no immediate changes to how customers subscribe or access either service, and no immediate changes to their content libraries.

There is no action subscribers need to take because of the closing. Viewers should wait for an announcement before assuming they must switch plans, download another app or cancel one of their subscriptions.

What else does Skydance control?

The deal joins two major movie businesses, Paramount Pictures and Warner Bros. Pictures, under one owner. It also brings HBO, CBS, CNN and a broad collection of entertainment, news and cable networks into the group. Its streaming holdings extend beyond HBO Max and Paramount+ to services including discovery+ and Pluto TV.

That gives Skydance control of businesses associated with franchises such as Harry Potter, DC’s superheroes, Top Gun and SpongeBob SquarePants. It does not mean every film or series tied to those businesses will appear on the same streaming service. Where a particular title can be watched depends on its release plans and distribution rights; the merger announcement did not set out title-by-title changes.

What could change for viewers later?

The most concrete announced consumer change is the planned move toward one streaming service. How Skydance handles pricing, existing subscriptions, the apps and their catalogs remains to be seen. Until those details are announced, there is no basis to say that paying for one service will give viewers access to the other.

The combined company has also pledged to release at least 30 films in theaters annually, with a minimum 45-day theatrical window for each. That is a stated plan for future releases, not an announcement that a particular upcoming film has changed its premiere or streaming date.

For now, the practical answer is straightforward: HBO Max and Paramount+ are under the same owner, and Skydance intends to unite its streaming offerings later. Viewers can keep using their existing services while they wait for specifics on what that transition will involve.