HBO Max and Paramount+ to become one streaming platform
HBO Max and Paramount+ are set to merge into one single direct-to-consumer streamer, should Paramount Skydance’s acquisition of Warner Bros. Discovery pass all the regulatory checks.
As reported by The Hollywood Reporter, Paramount CEO David Ellison gave the key update during a Monday investor call, which outlined the business plan as it currently stands.
On the call, he announced, “We do plan to put the two services together, which today gives us a little over 200 million direct-to-consumer subscribers.”
He added confidently, “We think that really positions us to compete with the leaders in the space.”
This comes only days after Netflix pulled out of the race, after Paramount Skydance’s bid was deemed “superior” by the powerbrokers at Warner Bros Discovery.
Paramount Skydance’s revised bid for Warner Bros Discovery stands at $31 per share; it was increased by a dollar a share, which valued the company at a total of $111 billion, including debt. As a result, Netflix pocketed a $2.8 billion break fee.
During Ellison’s new address, he added, “At Paramount, by the middle of this year, we’ll have completed the consolidation of our three services under one unified stack, and you can see us taking a similar approach to this platform going forward.”
He also stressed that Paramount+ plans for HBO to “be able to operate with independence, so that HBO can, candidly, do what it does incredibly well. Our viewpoint is HBO should stay HBO.”
His praise continued, “They built a phenomenal brand. They are a leader in the space, and we just want them to continue doing more of it. But by bringing the platforms together, all of our content will be able to reach even a broader audience than we can do standalone.”
In the informative address, he went on to clearly commit to the 45-day theatrical window for movies to screen before being dropped on video-on-demand. According to recent figures, the new super studio will be formed under a $79 billion mountain of net debt.
However, the huge merger still needs regulatory approval and is yet to be a done deal.
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