The proposed $110 billion merger between Skydance’s Paramount and Warner Bros. Discovery appears increasingly likely to move forward, with regulatory approval standing as the final major hurdle. Compared to other potential combinations floated in recent years, industry observers argue this deal presents fewer antitrust concerns — particularly when contrasted with the possibility of a Netflix and Warner Bros. Discovery merger.
Had Netflix combined with Warner Bros. Discovery, the numbers would have raised significant red flags. Netflix currently boasts roughly 300 to 325 million global subscribers. Adding HBO Max’s estimated 125 to 135 million subscribers would have created a streaming powerhouse approaching half a billion customers worldwide and nearly 40 percent market share — a scale likely to draw intense regulatory scrutiny.
By contrast, the merger of Paramount+ and HBO Max would result in an estimated 200 to 225 million combined subscribers, translating to approximately 20 to 23 percent of the market. That smaller footprint makes the Skydance-led consolidation more palatable to regulators and, some argue, less threatening to consumer choice.
Paramount has already confirmed what many anticipated: HBO Max and Paramount+ are expected to merge into a single streaming platform. Skydance CEO David Ellison confirmed the plan, stating that the combined service would surpass 200 million subscribers globally. He also noted that backend infrastructure for Paramount+, Pluto TV, and BET+ is slated for integration by mid-2026.
“We think the combined offering, and given the amount of content and what we can do from the tech side, really will put us in a position to be able to compete with the most scaled players,” Ellison said.
Ellison emphasized that HBO’s identity will remain intact. “HBO is a crown jewel in this business,” he said. “Our viewpoint is HBO should stay HBO.”
The merger also carries implications for cable networks. Skydance reportedly does not plan to divest CNN or other cable properties such as TNT, Comedy Channel, and MTV, potentially leading to restructuring and workforce reductions due to operational overlap.
The deal marks another major shift in an industry already defined by consolidation and fierce streaming competition.
