Why Skydance Is Keeping Paramount+ and HBO Max Separate

The newly merged Paramount-Warner Bros. Discovery company will operate under the corporate name Skydance and maintain HBO Max and Paramount+ as separate streaming platforms. In a corporate brand presentation on October 2, 2026, CEO David Ellison displayed standalone logos for both streaming services alongside Paramount, Warner Bros., DC, CBS, CNN, and Nickelodeon.

The presentation signals a shift from early 2026, when Ellison stated on an investor call that the two services would be combined into a single platform. Instead, Deadline reported that Skydance intends to maintain both services as distinct brands and bundle them rather than fully merging the apps.

A Bundle-First Streaming Strategy

Speaking at the Bloomberg Screentime conference on October 1, 2026, HBO and HBO Max Content Chairman and CEO Casey Bloys pointed to existing bundle models when asked about post-merger streaming plans.

"I don't want to comment on what is going to happen or anything like that, but I would point to the HBO Max-Disney bundle, which has been very successful," Bloys said. "So could you see something like that happening? That would make a lot of sense."

Bloys is poised to lead combined direct-to-consumer streaming operations for both platforms under Skydance, according to Deadline. Together, Paramount+ and HBO Max account for roughly 200 million global direct-to-consumer subscribers. Ahead of the scheduled closing, Paramount Streaming chief Cindy Holland exited the company.

Specific pricing, tier options, launch timing, and whether backend engineering will merge while interfaces remain independent have not been announced.

Film Unit Reorganization Ahead of Closing

The streaming strategy follows a federal judge's approval of a settlement resolving a multistate antitrust lawsuit challenging the merger. The transaction, valued between $110.9 billion and $111 billion at $31 per share, is scheduled to close on October 6, 2026.

Paramount Motion Picture co-chairs Josh Greenstein and Dana Goldberg are set to lead the combined Paramount-Warner Bros motion picture unit. Warner Bros. Motion Picture Group chairs Michael De Luca and Pamela Abdy are expected to depart on October 6, having reportedly learned of the restructuring through press reports before Ellison contacted them. De Luca and Abdy held contracts extending through 2030; post-exit arrangements and potential production deals remain unconfirmed.

The combined studio slate includes 71 dated theatrical feature releases scheduled through 2028, with 56 percent originating from Warner Bros., which generated $4.37 billion at the global box office in 2025. James Gunn and Peter Safran will remain in place to lead DC Studios, while Mattel CEO Ynon Kreiz is joining Skydance as co-CEO alongside Ellison.

"Paramount and Warner Bros. shaped over a century of culture," Ellison said in an announcement on X. "By combining them, we aren't rewriting history — we're equipping these iconic studios with a more powerful engine."