In a move that could redefine the streaming wars and consolidate two of Hollywood’s legacy powerhouses, Paramount Skydance CEO David Ellison is according to a report from Bloomberg is crafting a bold vision for a combined company should his bid to acquire Warner Bros. Discovery succeed. Central to this strategy is the complete absorption of HBO Max into Paramount+, effectively ending the former as a standalone service and funneling its vast prestige content library into the latter’s ecosystem.
The plan, detailed through sources familiar with Ellison’s thinking, avoids creating an entirely new streaming entity. Instead, Paramount+ would emerge as the dominant platform, enriched by Warner Bros. Discovery’s crown jewels – from the gritty dramas of HBO originals to blockbuster franchises like Harry Potter, DC Comics superheroes, and the Lord of the Rings saga. This integration aims to broaden audience reach, allowing a surge in viewership for creators across film and television by placing their works on a single, high-visibility hub. Ellison views the addition of Warner Bros.’ iconic catalogue as a game-changer, transforming Paramount+ from a solid contender into an irresistible destination that could lure subscribers weary of fragmented services.
This streaming consolidation comes amid broader ambitions to preserve much of Warner Bros. Discovery’s operational structure. Creative teams at both Paramount Pictures and Warner Bros. studios would remain largely autonomous, fostering continued output from their respective slates. Marketing and distribution functions, however, face streamlining to eliminate redundancies, potentially boosting efficiency in an industry plagued by rising costs. On the linear television side, Ellison has no intention of offloading cable networks from either camp. Icons like CNN, TNT, Discovery Channel, MTV, Nickelodeon, and CBS would stay under the merged umbrella, signaling a bet on revitalizing traditional TV amid cord-cutting trends.
A particularly intriguing element involves news operations. Warner Bros. Discovery’s CNN could tap into resources from Paramount-owned CBS News, enabling shared reporting assets, bureaus, and talent pools. This synergy might amplify coverage capabilities, blending CNN’s global breaking-news prowess with CBS’s deep domestic journalism bench. While no formal restructuring details have emerged, the setup could yield cost savings and enhanced storytelling, though it raises eyebrows about editorial independence in an era of media convergence.
The merger talks, still in early stages as of November 2025, follow Warner Bros. Discovery’s board rejecting multiple Paramount offers, including a near-$60 billion proposal. Backed by Ellison’s billionaire father Larry and partners like RedBird Capital, Paramount Skydance persists, positioning itself as the ideal steward for Warner’s assets. Analysts highlight strategic fits: pairing Paramount+’s family-friendly staples – think SpongeBob and Sonic – with Warner’s adult-oriented and fantasy epics could create a one-stop shop rivaling Netflix or Disney+. Combined subscriber bases, exceeding 170 million globally when tallying HBO Max’s 125 million-plus, would provide instant scale.
Yet challenges loom. Regulatory hurdles, including antitrust scrutiny over concentrated news influence and market dominance, could delay or derail the deal. Critics, including the Writers Guild of America, warn of job losses and reduced competition. Internally, migrating HBO Max users to Paramount+ risks backlash if the transition disrupts viewing habits or dilutes brand prestige. Ellison counters by emphasizing growth: ramping theatrical releases to 30 annually across studios, leveraging AI for production efficiencies, and preserving historic lots in Hollywood.
As bids evolve and boards deliberate, Hollywood holds its breath. This isn’t just a merger – it’s a potential pivot point, where absorbing HBO Max could either catapult Paramount+ to the forefront or spark subscriber exodus in a crowded field. One thing is clear: David Ellison is playing for the long game, betting big on unity over division in a splintered media landscape.
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