Why Skydance will keep HBO Max and Paramount+ separate

David Ellison announced on October 2 that the merged Paramount–Warner Bros. Discovery will be called Skydance, adopting the name of his existing production company. The deal is set to close on October 6, 2026, and Ellison will serve as chairman and CEO of the combined entity.

What sets this merger apart is the decision to keep HBO Max and Paramount+ as distinct streaming services. In an industry where mergers typically trigger rapid platform consolidation, Skydance is betting that brand loyalty and differentiated catalogues are worth more than immediate cost savings. The company will house two major film studios, a sprawling portfolio of television networks, and a library of franchises that includes Harry Potter, the DC Universe, Game of Thrones, Lord of the Rings, Top Gun, and Mission: Impossible.

The merger cleared its final antitrust obstacle when U.S. District Judge Araceli Martínez-Olguín approved a settlement with 12 state attorneys general. Separately, the Federal Communications Commission granted approval for indirect equity stakes by sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates, though the funds will hold no voting rights.

Keeping both platforms alive preserves consumer choice in the short term, but it also raises questions about how the company will manage overlapping audiences and content spending. The strategy suggests Ellison sees the brands as complementary rather than redundant—HBO Max as a premium narrative destination, Paramount+ as a broader entertainment hub with live sports and franchise fare. Whether that distinction holds under one corporate roof will be one of the most closely watched experiments in streaming economics.

- [variety.com](https://variety.com/2026/film/news/name-of-paramount-warner-bros-unveiled-skydance-1236893761/) - [gulfnews.com](https://gulfnews.com/entertainment/hollywood/paramount-warner-bros-discovery-merger-set-to-become-skydance-1.500696602) - [facebook.com (Deadline Hollywood)](https://www.facebook.com/deadline/posts/more-indication-that-the-combined-paramount-warner-bros-discovery-company-would-/1452102333456769/) - [timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/entertainment/english/hollywood/news/paramount-and-warner-bros-discovery-finalize-merger-under-skydance-name-david-ellison-led-company-to-include-harry-potter-lord-of-the-rings-top-gun-dc-universe/amp_articleshow/134646634.cms) - [variety.com](https://variety.com/2026/film/news/paramount-warner-bros-merger-judge-approves-settlement-ags-1236893467/) - [abcnews.com](https://abcnews.com/Business/wireStory/fcc-grants-paramounts-indirect-ownership-request-gulf-funds-136568767)