Paramount won the bid for Warner Bros. Now what?

Christie Graham - Digital Content Editor

Last updated 03 March 2026

It’s official: Paramount Skydance has won the bid for Warner Bros. Discovery, beating out rival media giant Netflix.

But what does this mean for Warner Bros. Discovery, Paramount Plus and Netflix? More importantly, what does it mean for you, the paying customer? Let's break down what future looks like if the merger goes through.

What's happened between Paramount, Netflix and Warner Bros?

Netflix's eye-watering US$82.7 billion offer was expected to the seal the deal with Warner Bros. Discovery late last year. However, after a few months of aggressive bids from both sides, Paramount countered Netflix's offer with a staggering US$31 per share, totalling a value of US$81 billion in equity value and US$110 billion in enterprise value. This week, Netflix conceded defeat with CEO Ted Sarandos calling Paramount’s final moves “unusual and irrational”.

The deal still needs the required approvals from regulatory boards and shareholders. The initial Netflix offer was heavily scrutinised by the Department of Justice (DOJ). It is to be assumed that the DOJ will give the Paramount merger an equally thorough investigation.

If it does go ahead, it will give Paramount Skydance access to more than 200 million subscribers combined.

What does Warner Bros. Discovery own?

Warner Bros. owns a lot of popular mainstream content, probably more than you realise. While cartoon classics like Looney Tunes immediately come to mind, the more you dig, the more you realise how much they control. Big-name film franchises include the DC Universe, Harry Potter, and The Lord of the Rings, just to name a few. Its TV division spans HBO hits like The Last of Us, Game of Thrones, The Sopranos and Succession, and sitcom classics like Friends and The Big Bang Theory. In 2025 alone, Warner Bros. was second only to Disney in the worldwide Box Office, with huge hits like A Minecraft Movie, Superman, The Conjuring: Last Rites, Sinners, Final Destination: Bloodlines and Weapons all amongst the top 20 grossing movies of the year.

Will HBO Max continue to exist separately to Paramount Plus?

Less than a week after Warner Bros. Discovery accepted Paramount Skydance's winning bid, Paramount Skydance CEO and chairman Ellison announced plans to combine the HBO Max and Paramount Plus during a call with investors (via The Guardian). In the same call, Ellison did express his desire for HBO to continue operating independently under CEO Casey Bloys. "Our viewpoint is HBO should stay HBO," Ellison said. Despite that, no concrete plans for a combined service or pricing changes were discussed.

Regardless, the acquisition could take anywhere from six to 18 months to officially close, after it's thoroughly examined by shareholders and regulatory boards. So don't expect major changes to your subscription any time soon.

While Paramount Plus is modestly priced in Australia, HBO Max is one of the most expensive streaming services on the market. It's hard to see how a combined service could justify a much higher price tag.

Here's how much HBO Max subscriptions currently cost:

	Plan	Price	Details
HBO Max	HBO Max Basic with Ads Basic with Ads Full HD streaming · 2 devices at once Ads included Annual: $119.99/yr (Save $23.89) From $11.99/mth or $119.99/yr View Plan	From $11.99/mth or $119.99/yr	View Plan
HBO Max	HBO Max Standard Standard Full HD streaming · 2 devices at once Ad-free Annual: $159.99/yr (Save $31.89) From $15.99/mth or $159.99/yr View Plan	From $15.99/mth or $159.99/yr	View Plan
HBO Max	HBO Max Premium Premium 4K UHD · 4 devices at once Ad-free Annual: $219.99/yr (Save $43.89) From $21.99/mth or $219.99/yr View Plan	From $21.99/mth or $219.99/yr	View Plan

And here's how much Paramount Plus currently costs in Australia:

	Plan	Price	Details
Paramount Plus	Paramount Plus Basic with Ads Free 7 Day Trial Basic with Ads Free 7 Day Trial Full HD streaming · 1 device at once Ads included Annual: $70.99/yr (Save $24.89) From $7.99/mth or $70.99/yr View Plan	From $7.99/mth or $70.99/yr	View Plan
Paramount Plus	Paramount Plus Standard Free 7 Day Trial Standard Free 7 Day Trial Full HD streaming · 2 devices at once Ad-free Annual: $115.99/yr (Save $39.89) From $12.99/mth or $115.99/yr View Plan	From $12.99/mth or $115.99/yr	View Plan
Paramount Plus	Paramount Plus Premium Free 7 Day Trial Premium Free 7 Day Trial 4K UHD · 4 devices at once Ad-free Annual: $159.99/yr (Save $55.89) From $17.99/mth or $159.99/yr View Plan	From $17.99/mth or $159.99/yr	View Plan

Need a new NBN plan?

These are currently the most popular NBN 50 plans in our database of 34 internet providers:

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More streaming deals

Looking for something to stream tonight but don't want to pay full price? We've rounded up the best deals from Australia's major streaming services.

Apple TV Plus deals: Get 30% off
Binge deals: Stream Binge from less than $7 per month
Disney Plus deals: Get 12 months for the price of 10
Foxtel packages and deals: Save up to $55 per month
HBO Max deals: Free HBO Max with Foxtel
Kayo deals: 50% off Kayo Premium for six months with Optus SubHub
Netflix deals: Free Netflix with Foxtel
Prime Video deals: Score a 30-day free trial

Christie Graham

Digital Content Editor

Christie Graham is a tech industry expert and former head copywriter for Harvey Norman's Computers and Tech category. She won a national Newscorp writing competition to review TV shows on Binge, and keeps busy juggling her many hobbies including baking, painting, archery, stargazing, tending to her chickens, training her Border Collie, expanding her Harry Potter replica collection, and making lists (much like this one).

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