Paramount's $110B Warner Bros. Discovery Deal Threatens SkyShowtime Joint Venture with Comcast

Paramount Global is set to acquire Warner Bros. Discovery for about $110 billion, a move that would give it control of HBO Max. The transaction is being financed in part by a $49 billion debt offering. Industry observers say the combined HBO Max and Paramount+ portfolio would overlap with SkyShowtime, the streaming service that Paramount co‑owns with Comcast across 22 European markets and which has around 9 million subscribers.

Because SkyShowtime’s 50‑50 joint‑venture agreement prohibits partners from competing in the same territories, the takeover could force Paramount to renegotiate or assume full control of the venture. Sources note growing uncertainty among SkyShowtime staff and speculation about changes to the shareholder structure. The merger still requires regulatory clearance and is expected to close in the third quarter of the year. Comcast has not commented, focusing instead on its U.S. streaming strategy.