Paramount+ and HBO Max will be bundled in early 2027, Skydance said on Monday, giving subscribers a joint subscription as the company plans a separate merger of the two services' technology.

The announcement came in David Ellison's third-quarter earnings report, Skydance's first since Paramount bought Warner Bros. Discovery in early October; the merger closed on October 6.

Skydance said in its third-quarter shareholder letter:

“We expect to bring Paramount+ and HBO Max together much faster, aiming to align our backend systems within a year of closing, enabling us to quickly deliver a unified product.”

How much will consumers pay?

Skydance did not disclose the bundle's price on Monday. It said more details about the offer and “its streaming roadmap” would arrive in the coming months.

• HBO Max costs $10.99 a month with advertising, or $18.49 for the standard ad-free plan.
• Paramount+ costs $8.99 a month with advertising and $13.99 for its ad-free version.

At those list prices, separate subscriptions cost about $20 a month with advertising and $32.48 without advertising. Skydance has announced no discount, so those separate bills remain the only public benchmark for subscribers.

That baseline sets the commercial hurdle. The bundle must compete with a roughly $20 advertising-supported total and a $32.48 ad-free total; Skydance has not said how much it will discount those figures or what terms will accompany them.

How quickly can the platforms merge?

Two separate clocks.

Skydance plans to combine the Paramount+ and HBO Max backends—the infrastructure behind the apps—over the next 11 months while aiming to create a “unified product.”

Paramount's earlier project provides the benchmark: it merged the backend of its namesake streamer with the free Pluto TV service over about 18 months, in a process known internally as convergence. Skydance said it will lean on AI (artificial intelligence) tools to move faster this time around.

The comparison gives a direct schedule marker: about 18 months for Pluto TV convergence, against 11 months for HBO Max. Skydance has not named its AI tools, estimated savings or promised customers an AI feature; the stated role is internal acceleration.

The timetable separates distribution from infrastructure. It allows the early-2027 sales bundle and backend work to proceed on parallel tracks rather than making the commercial offer wait for every technical change. Skydance presents the systems programme as the route to a unified product.

What do the earnings say about execution?

Solid numbers. Mixed shares.

The bundle launch comes against a financially solid third quarter. Skydance largely met Wall Street's expectations, meeting its revenue projections and exceeding adjusted earnings estimates.

• Revenue rose 5% year over year to $7 billion, within the $6.95 billion to $7.15 billion range Paramount had given investors.
• Adjusted EBITDA, a measure of profitability excluding certain items, reached $1 billion, above the company's $875 million to $975 million range.

Shares moved unevenly. They were volatile in early after-hours trading on Monday after a rise of more than 8.5%. Entering the earnings report, the stock was down more than 11% since the October 6 merger.

The price record resists a simple conclusion. Operating results landed inside the revenue forecast range and above the adjusted EBITDA range, yet the shares have shown sharp moves in both directions following the deal.

What remains unresolved before launch?

Skydance said it will provide more information about the bundle and its streaming roadmap in the coming months. Until then, buyers have no confirmed bundle price or launch date beyond the early-2027 window.

For subscribers, the current benchmark is about $20 with advertising or $32.48 without it. For Skydance, the strategic task is to turn two subscriptions into one proposition while moving the backends toward a unified product inside the 11-month integration window. The first post-merger report supplied solid operating numbers; it did not settle the bundle's economics or investor reaction.