The entertainment world is still reeling from the news: Netflix is set to acquire the core film and television studios of Warner Bros., including the hugely valuable HBO and HBO Max streaming divisions, in a massive $82.7 billion deal. This move fundamentally shifts the power structure of Hollywood, bringing franchises from Game of Thrones and Harry Potter to the DC Universe under the Netflix umbrella.
But for the everyday subscriber currently juggling bills for both Netflix and HBO Max, the most pressing question is simple: Will the services combine, and will I have to pay more?
The Answer—For Now—is No
In the immediate term, both Netflix and the leadership at the now-selling Warner Bros. Discovery (WBD) have been clear: nothing is changing today.
Netflix confirmed this in a direct communication to its users, stating: “Nothing is changing today. Both streaming services will continue to operate separately. We have more steps to complete before the deal is closed, including regulatory and shareholder approvals.”
The acquisition is a massive corporate undertaking that requires extensive legal and regulatory review, meaning it could take more than a year to complete. Until the deal officially closes—expected sometime in 2026—consumers will continue to pay separate fees for the two services.
WBD CEO David Zaslav further solidified this position during a global town hall with employees, promising that “HBO Max will stay.” He suggested that the immediate benefit for those who subscribe to both is simply a richer overall content pool, saying, “So anybody that has Netflix and has HBO Max will have a better experience.”
Content Consolidation is Already Underway
While the platforms remain separate, the content migration has been subtly underway for some time. Even before the acquisition was finalized, Netflix had already licensed a number of popular HBO and HBO Max titles, including series like Ballers, Insecure, Six Feet Under, Sex and the City, and True Blood.
Once the deal is closed, Netflix will gain direct ownership of the entire library, which will allow the company to significantly boost its catalogue. Netflix’s co-CEO Ted Sarandos highlighted this content advantage, noting that by “adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles from which to choose.” However, popular series currently exclusive to HBO Max, like Friends, will not immediately appear on Netflix until the acquisition is fully finalized.
The Long-Term Merger Question
Despite the near-term assurances, the long-term fate of the standalone HBO Max service remains a major question mark. As a corporation, Netflix now owns two large-scale streaming entities. Combining them seems a logical path to streamlining operations and maximizing value.
Netflix itself stated it ultimately sees $2 billion to $3 billion in cost savings by the third year after the WBD deal closes. It is widely speculated that a significant chunk of those savings would come from sunsetting a redundant service like HBO Max and integrating its content into one consolidated platform. This would follow a model seen elsewhere in the industry, such as Disney’s gradual absorption of Hulu content into Disney+.
Should Netflix eventually choose to merge HBO Max into its primary service, it would almost certainly lead to a price increase for consumers. However, it would also provide a single, dominant destination for content ranging from Stranger Things to Game of Thrones, simplifying the consumer’s streaming footprint.
Netflix is acquiring one of the greatest storytelling libraries in the world, from The Sopranos and The Wire to Casablanca and Citizen Kane. As co-CEO Ted Sarandos put it, “Together, we can give audiences more of what they love and help define the next century of storytelling.” For now, consumers must maintain both subscriptions and keep a close eye on regulatory outcomes to see just how that promised together will look.
