If regulators sign off on Paramount’s acquisition of Warner Bros. Discovery, two major streaming platforms — HBO Max and Paramount+ — will become one, CNBC reports.

Paramount CEO David Ellison announced Monday that the company intends to merge the services following the deal’s completion, creating a combined platform with roughly 200 million subscribers based on current totals.

The merger agreement values Warner Bros. Discovery at $31 per share after a lengthy bidding process.

While executives didn’t share details about pricing or the new service’s name, Ellison made one thing clear: HBO isn’t going anywhere.

“HBO should stay HBO,” he said, signaling that the iconic brand — long associated with prestige shows like The Sopranos and Succession — will likely remain a central pillar inside the larger streaming platform.

The combined service would unite a vast library of entertainment, from HBO’s high-end dramas and Warner Bros. films to Paramount franchises and CBS programming.

It would also create a sports streaming powerhouse, bringing together TNT Sports and CBS Sports. That lineup includes major events like the NFL, March Madness, MLB, NHL, NASCAR, the Masters, the French Open and college football.

Company executives said they have not received any signals from regulators that the expanded sports portfolio would raise antitrust concerns.

The move would mark yet another evolution for HBO’s streaming identity. The brand has cycled through several names over the past decade — from HBO Go to HBO Now, then HBO Max, briefly “Max,” and back again to HBO Max — reflecting years of corporate reshuffling.

Now, if the merger is approved, HBO Max may once again find itself reimagined — this time as part of a much larger streaming giant aiming to compete more aggressively with Netflix and Disney in the battle for viewers’ attention.