HBO Max, "Harry Potter," and CNN could soon find themselves under the ownership of Paramount, following a significant vote by Warner Bros. Discovery shareholders.
On Thursday, shareholders approved the sale of the entire business to the company that owns CBS and blockbusters like "Top Gun." Based on preliminary counts, Warner shareholders agreed to the proposed $81 billion buyout, valued at nearly $111 billion including debt, based on Warner’s current outstanding shares.
While the transaction still requires regulatory review, this potential megamerger stands to profoundly reshape Hollywood and the broader media landscape, further concentrating power within an industry already dominated by a few major players.
Paramount itself was acquired by Skydance just last year. Here’s a look at what a Paramount-Warner combination could mean for streaming, movies, news, and more.
Streaming
Paramount Skydance would gain control of both Paramount+ and, with the shareholder approval, Warner's HBO Max.
Company executives have indicated plans to merge these streaming services into a single platform.
The exact nature or name of this combined service remains unclear, though Paramount CEO David Ellison suggested that HBO could retain a degree of independence, particularly in its production.
"Our viewpoint is, HBO should stay HBO," Ellison stated during a conference call last month. "They built a phenomenal brand, they are a leader in this space and we just want them to continue doing more of it. But by bringing the platforms together, all of our content will be able to reach even a broader audience than we can do standalone."
Warner and its HBO streaming platform boast a powerful lineup including "The Pitt," "Game of Thrones," and "Sex and the City."
Beyond "Harry Potter," Warner's library features blockbuster films such as "Sinners," "Barbie," and "Superman" (the company also owns DC Studios). Paramount's catalog includes titles like "Top Gun," "Titanic," "The Godfather," and "Yellowstone."
In the U.S., HBO Max held approximately 12% of on-demand subscriptions in the first quarter of this year, compared to 3% for Paramount+, according to streaming guide JustWatch.
A combined service would still fall slightly short of Prime Video's 17% market share and Netflix's 19%. Disney, through Hulu and Disney+, commands about 27% of the market.
Beyond HBO Max, Paramount would also acquire Warner’s smaller Discovery+ streamer. Paramount already owns Pluto TV and BET+.
Critics express skepticism regarding the consumer benefits touted by Paramount. While executives highlight larger content libraries and enhanced competition against bigger rivals, a merger with Warner Bros. would ultimately reduce platform choices for streaming, potentially leading to higher prices at a time when subscription costs are already rising.
Moviemaking and theatrical releases
Paramount and Warner Bros. are two of Hollywood’s oldest studios. A merger would mean fewer companies controlling legacy film production. Ellison has expressed a desire for the combined company to produce over 30 movies annually, maintaining Paramount and Warner Bros. as distinct operations.
At a star-studded CinemaCon appearance last week, he pledged a "complete commitment" to the industry, promising a 45-day exclusive theatrical window for films.
However, others are concerned about the implications of further consolidation for jobs and future project approvals. Regulatory filings suggest the new ownership will seek cost-cutting measures, including potential layoffs and downsizing of overlapping operations, as Paramount is taking on billions in debt for the deal.
Warner Bros. recently enjoyed a banner year with both major blockbusters and critical acclaim, securing 30 Oscar nominations for films like "Sinners," "Weapons," and "One Battle After Another" (which won Best Picture). Paramount received no nominations. In 2025, Warner Bros. films—including "A Minecraft Movie," "Superman," and "Sinners"—accounted for 21% of the domestic box office, while Paramount’s market share was only 6%, largely driven by "Mission: Impossible — The Final Reckoning." The industry has already seen significant consolidation; nearly a decade ago, Hollywood’s "big six" became the "big five" when Disney acquired most of 20th Century Fox. If the Warner sale proceeds, a new "big four" era would emerge, with a larger Paramount alongside Disney, Universal, and Sony.
News
CNN would join Paramount-owned CBS under the same corporate umbrella. This would unite two of America’s most prominent television news brands, though it remains unconfirmed whether CNN would continue to operate as a separate entity from CBS.
Considerable anxiety surrounds Paramount’s potential control of CNN, a network that has long drawn criticism from Donald Trump and his allies. Critics point to Trump’s close ties with the Ellison family, particularly billionaire Oracle founder Larry Ellison, who is providing substantial financial backing for his son’s company’s bid.
Since coming under Skydance ownership less than a year ago, CBS has already undergone significant editorial leadership changes, taking steps to appeal to more conservative viewers in its news operations, notably with the appointment of Free Press founder Bari Weiss as editor-in-chief of CBS News.
Many anticipate similar shifts at CNN if the proposed Warner takeover is successful. Some officials in the Trump administration have also voiced strong opinions about CNN's future ownership.
In March, the White House criticized CNN for its coverage of the U.S. and Israel's war against Iran, with Secretary of Defense Pete Hegseth telling reporters that "the sooner David Ellison takes over that network, the better."
Ellison has asserted that editorial independence "will absolutely be maintained" under Paramount ownership. "It’s maintained at CBS. It’ll be maintained at CNN," Ellison told CNBC's "Squawk on the Street" in March, adding that his company aims to engage "the 70%" of viewers who identify as center-left or center-right.
The acting head of the U.S. Justice Department's antitrust division has also stated that its regulatory review will not be political. Still, skepticism persists, particularly following Skydance's acquisition of Paramount in August.
That merger was approved by the Federal Communications Commission just weeks after the company agreed to pay Trump $16 million to settle a lawsuit over editing at CBS' "60 Minutes" program. The president has continued to publicly criticize "60 Minutes" programming since.
Other TV and Cable Networks
CNN is just one of the cable operations Warner is selling, and the proposed merger would significantly expand Paramount's television footprint. The company also owns Discovery, TNT, TBS, Food Network, Cartoon Network, and Animal Planet, among other networks, all of which would come under Paramount ownership if the deal proceeds.
Paramount already boasts a substantial broadcast lineup, including CBS, Nickelodeon, MTV, BET, Comedy Central, and Showtime.
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