What the Paramount–Warner Bros. Deal Means for HBO Max

The biggest media deal in years is nearly done. In February, Paramount agreed to buy all of Warner Bros. Discovery — HBO, HBO Max, the Warner Bros. film and TV studios, CNN and the cable channels — for about $110 billion including debt. On September 21 it settled an antitrust lawsuit brought by California and eleven other states, which was the last big obstacle.

If you pay for HBO Max, here's what's actually changing, and what isn't.

How We Got Here

Netflix got there first. In December 2025 it agreed to buy Warner Bros. and HBO Max, leaving CNN and the cable channels to be spun off as a separate company. Paramount answered within days with a hostile, all-cash offer for the whole company, raised it, and in February Warner's board declared Paramount's bid the better one. Netflix declined to match and walked away with a $2.8 billion break-up fee.

Regulators have mostly waved the deal through since. The US Justice Department cleared it in June without conditions, and the European Commission approved it in July, with conditions that only affect how films are distributed to cinemas. The states' settlement is stricter: for five years, Paramount has to release a minimum number of films every year, spend more on US production, and keep an independent editorial board for CNN and CBS News.

The judge in that case still has to approve the settlement, and the deal can't close until she does. Nobody has given a firm closing date, but it's expected soon.

HBO Max and Paramount+ Are Becoming One Service

This is the part that matters most for subscribers. Paramount's CEO, David Ellison, said in March that Paramount+ and HBO Max will be combined into a single service once the deal closes, with "a little over 200 million" subscribers between them. He also said that "HBO should stay HBO", which suggests the brand isn't going away, even if the app changes.

What hasn't been announced is the important part: the name, the price, and when it happens.

What Changes Right Away

Probably nothing. Closing a deal and merging two streaming apps are different jobs, and the second one takes a while. When Warner and Discovery merged in 2022, it was a year before HBO Max and discovery+ were combined into one app in the US.

Your HBO Max subscription keeps working, at the price you pay now, until you're told otherwise. There's no reason to cancel or switch anything early.

What It Means in Denmark

HBO Max has been available in Denmark since 2021, when it replaced HBO Nordic. Paramount+ isn't sold here on its own. Paramount's shows reach Danish viewers through SkyShowtime, a joint venture Paramount owns with Comcast, which launched here in 2022.

That's where it gets complicated. Owning HBO Max is expected to put Paramount in conflict with SkyShowtime's agreement not to compete with itself, and in September SkyShowtime's owners started a review that could end in a sale or a shutdown. Nothing has been decided, and SkyShowtime is running as normal.

If SkyShowtime does go away, Paramount's catalogue would need a new home in Denmark, and a combined HBO Max and Paramount+ service is the obvious candidate. But that's a possibility, not a plan, and nobody has said anything about Europe yet.

Keep Track of Where Things Stream

Deals like this move shows between services, and the first you usually hear of it is when something you were halfway through disappears. Nuets shows where every title on your watchlist is streaming, so you'll know where it went. For the bigger picture, see our guide to the streaming services in 2026, or browse what's on HBO Max right now.