Paramount Skydance plans to launch an HBO Max and Paramount+ streaming bundle in early 2027. The announcement follows its acquisition of Warner Bros. Discovery and comes amid continued streaming revenue growth.
What We Know: Specifically, Skydance Chairman and CEO David Ellison and Co-CEO Ynon Kreiz outlined the timeline in their November 9 shareholder letter. In fact, the plans follow Skydance’s October 6 acquisition of Warner Bros. Discovery. Ultimately, the bundle represents an initial step toward Skydance’s longer-term plan to combine both platforms into one streaming service. Currently, Paramount+, HBO and HBO Max collectively account for approximately 203 million subscriptions worldwide. Meanwhile, Skydance plans to introduce pricing adjustments gradually, guided by consumer feedback.
Financially, Paramount+ revenue climbed 21%, while average revenue per user increased approximately 14%. Likewise, the combined company’s streaming revenue grew 15% on a pro forma basis, including Warner Bros. Discovery. In addition, Paramount Skydance reported $7 billion in quarterly revenue, up 5% year-over-year, excluding Warner Bros. Discovery. However, traditional television revenue declined 7%, including an 8% advertising decrease. Additionally, Skydance is targeting at least $6 billion in annualized cost savings within three years.
What They Said: “We are building this great company with ambition, discipline, and an unwavering belief in the power of great storytelling combined with world-class technology,” Skydance Chairman and CEO David Ellison and Co-CEO Ynon Kreiz via shareholder letter
What the Data Says: Paramount Skydance Q3 2026 Financial and Streaming Performance
| Paramount+ Revenue Growth | Average Revenue Per User | Combined DTC Growth | Q3 Revenue | TV Media Revenue | TV Advertising | Annual Savings Target |
|---|---|---|---|---|---|---|
| +21% | +14% | +15% | $7B | −7% | −8% | $6B+ |
Source: Paramount Skydance Q3 2026 earnings. Combined DTC growth is pro forma; Q3 revenue excludes Warner Bros. Discovery. Annualized savings target is expected within three years.
What Remains Unclear: Skydance has not announced bundle pricing, an exact launch date or initial market availability. The company also hasn’t explained how existing subscribers will be able to switch to the new offering. Additionally, a timeline for fully combining HBO Max and Paramount+ into one streaming service remains unconfirmed.
What It Means: Overall, the bundle could strengthen Skydance’s streaming business by reaching new audiences, improving subscriber retention and expanding advertising opportunities. Moreover, combining the services may support the company’s broader cost-saving efforts while strengthening its position against larger competitors. At the same time, declining traditional television revenue adds urgency to Skydance’s shift toward streaming. As a result, the strategy could help offset pressure on its linear networks while creating opportunities for long-term growth. Finally, its success will depend on pricing, subscriber adoption and the costs of integrating both platforms.
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