Paramount+ and HBO Max will be merged into one streaming service, according to David Ellison, CEO of Paramount.
Speaking on an investor call just days after agreeing to buy HBO Max-owner Warner Bros Discovery, Ellison said: “We do plan to put the two services together, which today gives us a little over 200 million direct-to-consumer subscribers. We think that really positions us to compete with the leaders in the space.”
Paramount last week struck an agreement to buy Warner Bros Discovery for $31 per share after Netflix backed out of the prolonged bidding war.
Moves to combine both streaming services would be dependent on regulators approving the deal and the merger being completed.
Paramount executives didn’t offer any details on how the company may price a combined service or what it would be called.
Ellison said on the investor call that there are no plans to cut production, and the deal is “pro-competition, pro-consumer, and pro-creative community.” Paramount is reportedly targeting 15 theatrical films a year per studio for a total of at least 30 films annually.
Ellison also said he wouldn’t disrupt the HBO brand. “HBO should stay HBO,” he said, citing its long history of quality programming.
Paramount also touted the strength of its sports offering on a combined service, bringing together TNT Sports with CBS Sports.
He emphasised how broad the merged company’s sports portfolio would be, noting that it would have rights to the National Football League, Ultimate Fighting Championship, March Madness, the PGA Tour, and the Olympics in Europe.
Ellison added that the $7.7bn deal Paramount struck with the UFC last summer gives the company the flexibility to air events on Warner Bros.’ TNT network.
Warner Bros Discovery recently posted a bigger-than-expected quarterly loss in its third quarter results. Discover more here.
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