Skydance Merger Explained: HBO Max and Paramount+ After Oct. 6

The Paramount and Warner Bros. Discovery merger is set to close on Tuesday, Oct. 6, 2026, and the combined company will be called Skydance. For viewers, the biggest question is what happens to HBO Max and Paramount+. Right now, both apps, accounts, and prices stay the same on day one, and every signal so far points to a bundle of the two services before any full merger into a single app. This guide covers what changes on Oct. 6, what does not, and what to watch next.

Closing date: Paramount Skydance and Warner Bros. Discovery expect the deal to close on Oct. 6, 2026, subject to customary closing conditions.
New name: The combined company will be called Skydance Corporation, and its stock will trade on the New York Stock Exchange under the ticker SKYD.
HBO Max and Paramount+ stay: No new streaming app, merged account, or price change has been announced for launch day.
Bundle is the likely first step: HBO chief Casey Bloys pointed to the HBO Max and Disney bundle as a model and said a similar package “would make a lot of sense.”
Who runs it: David Ellison is chairman and CEO, and former Mattel boss Ynon Kreiz joins as co-CEO to handle day-to-day operations and integration.
Legal path cleared: A federal judge approved a settlement with 12 state attorneys general on Sept. 30, removing the last major obstacle.
Theaters and franchises: The settlement locks in at least 30 theatrical films a year at first, a 45-day theatrical window, and an independent oversight board for CNN and CBS News.
Still unknown: Bundle pricing, a combined app, layoffs, and the final leadership lineup have not been officially announced.

Your HBO Max and Paramount+ subscriptions keep working as normal when the Skydance merger closes on Oct. 6. The new Skydance name belongs to the parent company and does not replace either app. Neither service has announced a price change or account switch, and the strongest hint so far is a future HBO Max and Paramount+ bundle rather than an immediate single service.

Skydance Merger Explained What Happens to HBO Max and Paramount After Oct. 6

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What Is Skydance and When Does the Merger Close?

Skydance is the new name for the combined Paramount and Warner Bros. Discovery, and the deal is expected to close on Oct. 6, 2026. The two companies confirmed that date in a joint announcement from Warner Bros. Discovery on Sept. 30. The merger agreement itself was signed on Feb. 27, 2026.

David Ellison revealed the name on Oct. 2 in a video and his first post on a new X account. He chose Skydance because it is the name of the production company he founded nearly two decades ago, according to Variety. Industry insiders had jokingly called the deal “ParaBros” and “WarnerMount,” but neither nickname stuck.

“We never wanted a new corporate identity to diminish, alter or overshadow either one. Instead, we wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros. and all our extraordinary brands to remain in the spotlight.” (David Ellison on X, via Variety)

Here is what changes on paper when the deal closes:

Company name: Paramount Skydance plans to amend its certificate of incorporation to become Skydance Corporation, effective Oct. 6, according to an SEC filing.
Stock listing: Its Class B shares move from Nasdaq to the New York Stock Exchange on Oct. 6.
Ticker: The symbol changes from PSKY to SKYD.
Press briefing: Ellison and Kreiz are expected to hold a briefing with the new leadership team on Oct. 6, according to Variety’s reporting cited by Screen Realm.

How big is the Skydance deal?

Paramount agreed to buy Warner Bros. Discovery for $31 per share in cash, which values the deal at roughly $110 billion. Variety puts the figure at about $111 billion. The new company will be controlled by David Ellison, his father Larry Ellison, and Gerry Cardinale of RedBird Capital Partners.

The size comes with a heavy bill. Variety reported that Skydance is projected to carry more than $80 billion in debt after taking on both companies’ past obligations and raising new financing. Screen Realm, citing Reuters, said management is targeting around $6 billion in cost cuts.

How Did the Paramount and Warner Bros. Deal Happen

What Happens to HBO Max and Paramount+ After the Merger?

HBO Max and Paramount+ will both keep operating as separate streaming brands when the deal closes, and a bundle looks like the first move. No combined app has been announced. Deadline noted that Ellison’s name reveal video ended with a slide of the company’s most valuable brands, and it included both the HBO Max and Paramount+ logos.

That detail matters because Paramount was already on the slide as a studio brand. Deadline read the separate Paramount+ logo, along with the choice of HBO Max over the older HBO brand, as a sign that both streamers are meant to stick around. The company has not officially confirmed how it will combine them.

Casey Bloys, the chairman and CEO of HBO and HBO Max content, gave the clearest hint at Bloomberg’s Screentime event on Oct. 1. The Hollywood Reporter quoted his answer when he was asked whether the two services would merge.

“I would say that 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. So could you see something like that happening? That would make a lot of sense.” (Casey Bloys, via The Hollywood Reporter)

Skydance is the parent company’s name, and it does not launch a new streaming service. TV Central pointed out that a new name above HBO Max and Paramount+ does not, by itself, change an app, a subscription, a library, or a price. Any consumer-facing product will need its own announcement.

Will there be one combined streaming app?

Not yet, and nobody has announced one. Earlier merger talk described a long-term plan to integrate the two direct-to-consumer businesses over the coming years. TV Central reported that Paramount’s March merger call framed it that way rather than as an immediate renaming.

For now, the practical answer for viewers is simple. You keep using HBO Max for HBO shows, DC titles, and Warner Bros. films, and Paramount+ for CBS, Paramount Pictures, Nickelodeon, and Yellowstone content. Shows like the ones in our guide to Backrooms streaming on HBO Max stay exactly where they are.

Who will run HBO Max and Paramount+?

Casey Bloys is widely expected to lead the combined streaming operation, although Skydance has not formally announced its leadership structure. The Hollywood Reporter said Bloys is “clearly poised” for the role, and Deadline described a streaming operation expected to be overseen by him. Former Paramount+ and Pluto TV chief Cindy Holland is leaving to make room.

Bloys himself declined to confirm anything before the close. He said the leadership announcement belongs to Ellison and his team. He also has a year left on his Warner Bros. Discovery contract, according to The Hollywood Reporter.

What Happens to HBO Max and Paramount After the Merger

Will HBO Max or Paramount+ Prices Go Up?

No price change has been announced for either service, and there is no official bundle price yet. Any number you see for a Skydance streaming package right now is a guess. The current prices give a sense of where a bundle could land.

Here is what the services cost today, based on recent consumer reporting:

HBO Max ad-free: $18.49 a month, according to CableTV.com.
Paramount+: $13.99 a month for the plan CableTV.com cited.
Both entry-level tiers together: About $20 a month, according to Vulture.
Current HBO Max, Disney+, and Hulu bundle: About $22 a month, per Vulture.

CableTV.com estimated that a combined ad-free service could cost $20 a month or more. The site also noted that Paramount+ last raised prices in January 2026 and HBO Max in October 2025, so both are due for a regular increase. Treat any specific bundle price as a forecast until Skydance announces one.

Should you cancel or switch your subscription now?

There is no reason to cancel or switch based on the merger alone, because nothing about your account changes on Oct. 6. If a bundle launches, it will likely be an optional package. The HBO Max and Disney bundle that Bloys pointed to works that way, and it sits alongside the standalone plans.

Vulture argued that an in-house bundle would be one of the fastest ways for Skydance to cut cancellations. It suggested the company could time a launch around big upcoming releases and the holiday sign-up season. That is analysis, though, and Skydance has not committed to any timing.

What Did the Court Settlement Require?

The settlement with 12 states requires Skydance to keep making movies, keep releasing them in theaters, and protect the independence of CNN and CBS News for five years. Judge Araceli Martínez-Olguín approved it on Sept. 30. TheWrap detailed the main commitments.

“The proposed consent decree reflects a settlement between the parties that is a fair, reasonable, and good faith approach to address the competitive harms alleged in the Complaint, and does not violate the law or public policy.” (Judge Araceli Martínez-Olguín, via TheWrap)

These are the commitments that matter most to movie and TV fans:

Production spending: At least $300 million a year in U.S. film and TV production for five years, or $1.5 billion total.
Theatrical releases: At least 30 films a year in theaters for the first two years, then 32 a year for the next three.
Mix of films: At least four independent films a year, and at least 20% must be blockbusters.
Release windows: A 45-day theatrical window and a 90-day hold before films reach streaming.
Cable deals: Paramount and Warner Bros. cable networks will be negotiated separately with distributors unless a distributor asks otherwise in writing.
News oversight: An independent oversight board at CNN and CBS News.
Pluto TV: The free, ad-supported streamer will keep operating.
Studio lots and unions: Both studio lots stay open, and existing union agreements will be honored.

What happens if Skydance breaks the deal?

Breaking the settlement can trigger cash penalties and forced sales of company assets. TheWrap reported a $30 million penalty for each film that misses the theatrical goal. More serious breaches could force Skydance to sell its 49% stake in Miramax within 12 months and divest cable networks including BET, Comedy Central, VH1, Smithsonian, Destination America, and Science Channel.

Critics are not satisfied. The Block the Merger coalition called the approval a “tipping-point moment for media” and said the deal moves forward with “no meaningful structural remedies.” The Writers Guild of America, which filed its own challenge, settled its case on Sept. 21, according to Screen Realm.

How Did the Paramount and Warner Bros. Deal Happen?

Paramount won Warner Bros. Discovery after outbidding Netflix, which already had an agreement to buy Warner Bros.’ studios and streaming business. The fight lasted most of a year and moved from boardrooms to courtrooms. Here is the short timeline, based on Screen Realm, Variety, and TechCrunch:

Before February 2026: Warner Bros. Discovery had a deal with Netflix for its studios and streaming business.
February 2026: Paramount came back with a $31 per share all-cash offer, and WBD’s board called it superior.
Netflix walks: Netflix declined to match, saying the higher price was “no longer financially attractive.” Paramount agreed to cover the $2.8 billion termination fee owed to Netflix.
Feb. 27: WBD and Paramount signed the definitive merger agreement.
June: The U.S. Department of Justice signed off. The deal ultimately cleared reviews in 68 countries.
July: California and 11 other states sued to block the merger.
Sept. 21: Paramount reached settlements with the states and the Writers Guild.
Sept. 30: The judge approved the state settlement, and the companies set Oct. 6 as the closing date.
Oct. 2: Ellison unveiled the Skydance name.

Who Is Running Skydance?

David Ellison is chairman and CEO of Skydance, and Ynon Kreiz is co-CEO. Kreiz, the outgoing chairman and CEO of Mattel, joined on Oct. 5, according to Variety. Screen Realm reported that Ellison will focus on long-term strategy, creative direction, talent relationships, technology, and capital allocation, while Kreiz handles day-to-day management and integration.

Kreiz spent eight years at Mattel and pushed the toy company deep into film and TV, most visibly with Barbie. At Skydance he steps into a library that includes Harry Potter, DC, Game of Thrones, Mission: Impossible, Star Trek, and SpongeBob SquarePants.

Which executives are leaving or staying?

Several big moves have already been reported, though not all have been formally announced. Here is where things stand, based on Screen Realm’s roundup of Variety and Deadline reporting:

Leaving: Warner Bros. Motion Picture Group chiefs Michael De Luca and Pamela Abdy are departing.
Expanding: Paramount Pictures co-chairs Dana Goldberg and Josh Greenstein are expected to oversee film labels across the combined company.
Staying: James Gunn and Peter Safran are expected to remain in charge of DC Studios.
Streaming: Casey Bloys is expected to lead streaming, and Cindy Holland is leaving.

The Gunn and Safran news is a relief for DC fans who have followed the new DC Universe on HBO and HBO Max. If you are catching up on Lanterns, our breakdown of Hal Jordan vs. John Stewart covers the two Green Lanterns at its center.

What Happens to Game of Thrones, Harry Potter, and Other Franchises?

The biggest franchises are staying in development under Skydance, and none has been canceled because of the merger. The company now controls Harry Potter, The Lord of the Rings, Game of Thrones, the DC Universe, Yellowstone, Mission: Impossible, Top Gun, and the Nickelodeon library, according to Variety. Ellison has said both studios will “remain in the spotlight.”

Here is what has been reported about the major titles:

Game of Thrones: A feature film titled Game of Thrones: Aegon’s Conquest is set for June 1, 2029, with Owen Harris directing, according to The Hollywood Reporter as cited by ICv2.
The Lord of the Rings: The Lord of the Rings: Shadows of the Past, co-created with Stephen Colbert and his son Peter McGee, is still in development. Polygon reported that Warner Bros. told Knight Edge Media the project is “not ‘canceled’ and is still in development.”
Harry Potter: Vulture listed the new Harry Potter series among the big upcoming releases Skydance could build a streaming push around.
HBO originals: No HBO series has been announced as canceled because of the deal.

Fans of HBO’s prestige slate can keep tracking those shows as normal, including the cast news in our Last of Us Season 3 explainer. The Game of Thrones universe also keeps expanding, and our guide to Aegon III in House of the Dragon covers one of its key Targaryen threads.

Was the Lord of the Rings movie canceled?

No. Warner Bros. said the Colbert project is still in development and has not been canceled. A rumor on Oct. 4 claimed it had been paused because of the merger. Screen Rant’s Rob Keyes called the report inaccurate on X, saying the status was “exactly as it was weeks ago,” with writing still underway and no confirmed budget or shoot date.

What Happens to CNN, CBS News, and Late-Night TV?

CNN and CBS News will both sit under Skydance, and the settlement requires an independent oversight board for the two newsrooms. Critics have questioned how much power that board will actually have. The Washington Post has reported on the open questions about CNN’s future under the new owners.

Late-night TV is also part of the conversation. Variety noted that Ellison’s Paramount ended Stephen Colbert’s The Late Show. On HBO, John Oliver extended his Last Week Tonight contract through 2027 just before the deal was finalized.

Oliver did not address the merger on his Oct. 4 episode. Variety said his main story focused on the Secret Service instead. Fans expected him to joke about his new boss, which made the silence a story of its own.

What Should Viewers Watch for Next?

The next big signals are the Oct. 6 leadership briefing and any official word on an HBO Max and Paramount+ bundle. Until Skydance announces those details, nothing changes for subscribers. These are the key things to watch over the coming weeks:

Oct. 6 briefing: Ellison and Kreiz are expected to introduce the leadership team, which should confirm who runs streaming, film, and TV.
Bundle announcement: Pricing, timing, and whether the bundle covers ad-supported and ad-free tiers are all still unannounced.
Price changes: Both services are due for their usual yearly increases, so watch for notices from either app.
Job cuts: With roughly $6 billion in targeted savings, layoff announcements are widely expected across overlapping teams.
CNN oversight board: The makeup of the new board will show how the settlement’s newsroom protections work in practice.
Release slate: The settlement’s 30 film minimum means the combined studio has to keep a busy theatrical calendar.

Frequently Asked Questions

Is HBO Max merging with Paramount+?

Not right away. HBO Max and Paramount+ remain separate services when the Skydance merger closes on Oct. 6, 2026. HBO chief Casey Bloys has suggested a bundle of the two “would make a lot of sense,” but no combined app or bundle has been officially announced.

When does the Paramount and Warner Bros. merger close?

The merger is expected to close on Oct. 6, 2026, subject to customary closing conditions. On that date the combined company becomes Skydance Corporation and starts trading on the New York Stock Exchange as SKYD.

Will my HBO Max subscription change?

No change has been announced. Your HBO Max account, app, and price stay the same when the deal closes, and any future bundle or price change will need a separate announcement.

Who owns HBO now?

Once the deal closes, HBO and HBO Max belong to Skydance, the company formed from Paramount and Warner Bros. Discovery. Skydance is controlled by David Ellison, Larry Ellison, and RedBird Capital’s Gerry Cardinale.

Why is it called Skydance?

David Ellison named the company after Skydance Media, the production company he founded. He said the name gives the combined business its own identity while letting the Paramount and Warner Bros. brands stay front and center.

Skydance Merger Explained: What Happens to HBO Max and Paramount+ After Oct. 6