Who owns your next episode?
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A guide from the research archive

Original draft’s last-verified label: 2026-09-17. Claims have not been reverified for this edition. Country, plan, dates, and [VERIFY] flags below belong to the original research; they do not establish current availability. References to unbuilt tools are omitted in this reader edition.

Short answer: In September 2026, the big streaming owners are Netflix, Disney (Disney+, Hulu, ESPN), Amazon (Prime Video, MGM+), Apple (Apple TV), Comcast/NBCUniversal (Peacock), Paramount Skydance (Paramount+, Pluto TV) and Warner Bros. Discovery (HBO Max, Discovery+). The biggest open question is Paramount Skydance's agreed acquisition of Warner Bros. Discovery. It has shareholder and European approval, but a lawsuit by U.S. states has delayed closing into 2027.

Here's how we got here, a current ownership table, and what the changes mean for viewers. Ownership details change quickly, so we note what is completed, pending and reported.

Who owns what: the 2026 ownership table

Streaming service Parent company (Sept 2026) Status notes
Netflix Netflix, Inc. Independent; dropped its bid for WBD in Feb 2026
Disney+ The Walt Disney Company Hulu content integrated into the Disney+ app
Hulu The Walt Disney Company Fully owned since Disney bought Comcast's stake; standalone app being phased out in 2026
ESPN (streaming service) Disney (majority); NFL holds 10% of ESPN ESPN direct-to-consumer launched Aug 2025; NFL deal closed 2026
Fubo (incl. former Hulu + Live TV) Majority owned by Disney [VERIFY stake] Combination closed Oct 2025
Prime Video, MGM+ Amazon Freevee shut down in 2025; its free content moved to Prime Video
Apple TV (formerly Apple TV+) Apple Renamed Oct 2025
Peacock Comcast (NBCUniversal) Stayed with Comcast after the Versant spin-off
Paramount+, Pluto TV Paramount Skydance Corp. Skydance merger closed Aug 2025; BET+ folded into Paramount+ [VERIFY date]
HBO Max, Discovery+ Warner Bros. Discovery Pending acquisition by Paramount Skydance
Tubi, Fox One Fox Corporation Fox One launched Aug 2025
Starz Starz Entertainment Independent public company since May 2025
Crunchyroll Sony [VERIFY no change]
AMC+ AMC Networks [VERIFY no change]

The big one: Paramount Skydance and Warner Bros. Discovery

Step 1: Skydance takes over Paramount (completed)

David Ellison's Skydance Media closed its roughly $8 billion merger with Paramount Global on August 7, 2025, forming Paramount Skydance (Variety; Deadline).

Step 2: WBD plans a split, then attracts bidders

In June 2025, Warner Bros. Discovery announced it would separate into two companies: a studios-and-streaming business (Warner Bros., HBO, HBO Max) and a global networks business later named Discovery Global (CNN, TNT, Discovery) (WBD; Bloomberg).

Paramount then made offers for the whole company. WBD initially rejected a $30-per-share offer (Variety) and signed a deal with Netflix [VERIFY date and scope of Netflix agreement]. Paramount pursued an all-cash tender offer (Paramount).

Step 3: Paramount wins (agreed, not closed)

On February 26, 2026, WBD's board deemed Paramount's improved offer superior and Netflix declined to raise its bid (CNBC; Variety). Reports put the price at $31 per share, with an enterprise value of about $110 billion, and said Paramount covered a $2.8 billion breakup fee owed to Netflix (Engadget; Cleary Gottlieb). [VERIFY per-share price and value against the merger agreement filing.]

Milestones since:

  • March 2, 2026: Paramount said it plans to combine HBO Max and Paramount+ into one streaming service after closing (CNBC; Variety).
  • April 23, 2026: WBD stockholders approved the deal (WBD).
  • July 13, 2026: California and 11 other states sued to block the merger (California DOJ; Deadline).
  • July 2026: A federal judge temporarily paused the merger at the states' request (Variety; NPR).
  • July 22, 2026: The European Commission approved the acquisition (Paramount IR; CNBC).
  • July 24, 2026: Paramount agreed not to close until 2027, with a deadline that can run as late as June 2027 (CNBC; Deadline).
  • August 2026: A judge set an antitrust trial for March 2027 (Variety). California's attorney general later called off settlement talks (CNN).

Status on September 17, 2026: agreed and approved by shareholders and the EU, but not closed. [VERIFY U.S. federal (DOJ) review status and any settlement since late August.]

What it means for viewers right now: nothing changes yet. HBO Max and Paramount+ remain separate services with separate subscriptions. A combined service is a stated plan, not a launched product, and no name, price or date has been confirmed.

Disney: Hulu goes in, A+E goes out

  • Hulu fully Disney's: Disney paid Comcast an additional $438.7 million in 2025 to complete its purchase of Comcast's Hulu stake (CNBC).
  • One app: Disney said it would phase out the standalone Hulu app and fully integrate Hulu into Disney+ in 2026 (Variety). [VERIFY whether the Hulu app has been fully retired in all U.S. devices.]
  • Live TV: Hulu + Live TV was combined with Fubo; the deal closed in October 2025 (Variety).
  • ESPN: ESPN's full direct-to-consumer service launched August 21, 2025 (CNBC). ESPN's acquisition of NFL Network and other NFL media assets, in exchange for a 10% equity stake for the league, closed in early 2026 (Deadline).
  • A+E: Disney sold its 50% stake in A+E Global Media to Hearst for about $1.2 billion, completed in August 2026 (Variety; Deadline).

Comcast: Versant takes the cable networks

Comcast completed the spin-off of most of its cable networks into a new public company, Versant Media Group, in January 2026 (THR; Variety). Versant includes networks such as USA Network, CNBC, MS NOW (formerly MSNBC), E!, Syfy, Oxygen and Golf Channel (Versant). [VERIFY full network list.]

For viewers: Peacock and NBC stayed with Comcast's NBCUniversal. Where specific cable shows stream may shift over time as licensing deals between the two companies expire.

Lionsgate and Starz: split in two

Lionsgate separated its studio and Starz businesses into two independent public companies on May 7, 2025 (Lionsgate; Starz). In 2025, Legendary was reported to be exploring an acquisition of Lionsgate Studios (Variety). [VERIFY whether any deal has been announced.]

Renames and shutdowns to know

Change When Source
Max renamed back to HBO Max July 2025 Variety
Freevee app shut down; content moved to Prime Video 2025 CNBC [VERIFY exact date]
Apple TV+ renamed Apple TV October 2025 Deadline
Fox One launched August 21, 2025 Fox Corporation
Apple TV and Peacock bundle launched October 2025 Deadline

What consolidation means for viewers

  • Fewer apps, bigger bundles. Hulu inside Disney+ and a planned HBO Max/Paramount+ combination point to fewer, larger services.
  • Prices may rise. Combined services typically cost more than either one alone, though no pricing has been announced for the HBO Max/Paramount+ plan.
  • Shows can move. When companies merge or split, licensing deals get renegotiated. Titles can leave one service and appear on another.
  • Accounts may migrate. When services merge, subscribers are usually moved over, sometimes with new plan names or terms.
  • Some brands disappear. Freevee and standalone BET+ are recent examples.

FAQ

Who owns HBO Max in 2026? Warner Bros. Discovery still owns HBO Max as of September 17, 2026. Paramount Skydance has agreed to buy the company, but the deal has not closed because of a lawsuit by U.S. states.

Are HBO Max and Paramount+ merging? Paramount has said it plans to combine them after its acquisition of Warner Bros. Discovery closes. Until then, they remain separate services.

Is Hulu shutting down? Hulu's content isn't going away, but Disney is phasing out the standalone Hulu app and integrating Hulu into the Disney+ app.

What is Versant? Versant Media Group is the public company Comcast spun off in January 2026 to hold cable networks including USA Network, CNBC, MS NOW and E!. Peacock stayed with Comcast.

Who owns Starz now? Starz Entertainment is an independent public company. It separated from Lionsgate in May 2025.

When will the Paramount–Warner Bros. Discovery deal close? Not before 2027. Paramount agreed to delay closing, and a trial in the states' antitrust case is set for March 2027.

Sources

All accessed September 17, 2026.

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