Following its acquisition of Warner Bros. Discovery, Paramount is combining Paramount+ and HBO Max into a single streaming platform. The move creates a new heavyweight contender with a projected 200 million subscribers, positioning it to directly challenge Netflix and Disney in the streaming wars.

• A universe of content: CEO David Ellison detailed the strategy on a Monday investor call, touting the scale of the combined library which includes franchises from ‘Harry Potter’ to ‘Top Gun’ and ‘Game of Thrones’ to ‘Yellowstone.’ Ellison reassured investors that the prestigious HBO brand would be protected, stating, “Our viewpoint is HBO should stay HBO.”

• A league of their own: The consolidation also creates a sports powerhouse by uniting CBS Sports and TNT Sports under one roof. The new entity will hold a formidable portfolio of rights including the NFL, March Madness, the PGA Tour, and UFC, with Ellison noting the company has the flexibility to air UFC events on TNT.

• Red tape and red flags: The $110 billion tie-up faces significant regulatory hurdles, including antitrust scrutiny from the U.S. Department of Justice. The merger also brings widespread industry concern over substantial job cuts and fears about the potential impact on editorial independence at news outlets like CNN and CBS.

Ellison projected confidence, framing the move as “pro-competition, pro-consumer, and pro-creative community,” but the road ahead involves navigating a complex regulatory environment while integrating two massive media companies.