Paramount Skydance to merge Paramount+ and HBO Max into 200M-subscriber platform

The merger signifies a hard pivot toward efficiency and scale as media conglomerates abandon the fragmented multi-service model. By uniting Paramount+ and HBO Max, the new entity eliminates duplicate operational costs while pooling content to reduce churn among its combined 200 million subscribers. This consolidation creates a direct-to-consumer challenger capable of matching the library depth of Netflix, though it still trails the market leader in total reach. Strategically, keeping the HBO brand independent suggests a premium-tier preservation strategy despite technical integration. Watch for federal and international regulatory responses to this unprecedented concentration of studio and news assets.

Regulatory Scrutiny of the merger has intensified internationally. On June 9, 2026, the United Kingdom's Competition and Markets Authority (CMA) launched a Phase 1 investigation to determine if the $110 billion transaction would substantially lessen competition in the UK market. The regulator has set a deadline of August 7, 2026, for its initial decision, per the London Stock Exchange and Reuters. In the U.S., while the 10-day Hart-Scott-Rodino waiting period expired in February without action, the Department of Justice has since issued subpoenas to independent production companies to assess the deal’s impact on content licensing and studio output, according to CNBC and Pymnts (March 2026).

Financing and ownership details have also surfaced as the deal progresses toward its Q3 closing target. Approximately $24 billion of the acquisition's equity is being provided by sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates, with American investors retaining 50.5% ownership, as reported by the Wall Street Journal and Newsweek (April 2026). This significant foreign backing has drawn criticism from U.S. lawmakers; notably, Senator Elizabeth Warren renewed calls in June 2026 to block the deal, citing concerns over foreign access to consumer data and consolidated leverage over domestic media landscapes, according to Bloomberg and TradingView reports.