After months of industry and customer speculation, Paramount Skydance has shed some light on the future of the HBO Max and Paramount+ streaming services.

Paramount Skydance completed its acquisition of Warner Bros. Discovery (WBD) today, ending a monthslong saga that began when Netflix last year announced its own plans to buy WBD. Netflix scrapped those plans in February. Skydance is the name of the company created from the $111 billion merger.

In an announcement today, Skydance said that all of the direct-to-consumer streaming services it owns, including the Discovery+ service that Discovery Inc. (which merged with WarnerMedia in 2022 to create WBD) launched in 2021, “will unify into a single service over time.”

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After a legal battle, the two Hollywood giants have become one. But the new company is saddled with debt, and in a memo to employees, its leaders hinted at cost cuts.

© Mark Abramson for The New York Times

After a legal battle, the two Hollywood giants have become one. But the new company is saddled with debt, and in a memo to employees, its leaders hinted at cost cuts.

© Mark Abramson for The New York Times