HBO Max-Paramount+ Bundle Set To Launch In Early 2027, David Ellison Confirms

Key Points:

• Skydance CEO David Ellison confirmed that an HBO Max–Paramount+ bundle will launch in early 2027, aiming to offer financial incentives for consumers to subscribe to the combined service rather than individually.
• The $110 billion merger of Paramount and Warner Bros. Discovery into Skydance closed in October 2025, with pro forma direct-to-consumer (DTC) revenue growing 15% year-over-year in Q3 and expectations for continued strong DTC growth in Q4.
• By 2030, Skydance plans to shift a majority of its revenue and profit from traditional TV to streaming and studios, reflecting industry trends away from linear viewing and advertising.
• Ellison reiterated the long-term goal of fully merging HBO Max and Paramount+ into a single service, though the process will take time due to technical and strategic complexities, with bundling as an interim step.
• Paramount's direct-to-consumer revenue rose 11% year-over-year to $2.5 billion in Q3 2025, with subscriber growth of 6% and ARPU up 14%, despite some drag from Showtime declines and integration costs from BET+; adjusted EBITDA for the DTC unit was $225 million with a 9% margin.