Streaming Consolidation Explained: Who Owns What in 2026
100 preserved extracts. Unpublished draft; claims and verification flags are retained.
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tv blog draft C4 streaming consolidation who owns what 2026
title: "Streaming Consolidation Explained: Who Owns What in 2026"
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tv blog draft C4 streaming consolidation who owns what 2026
metadescription: "Who owns HBO Max, Paramount+, Hulu, Peacock and Starz in 2026? A plain-English guide to the mergers, spin-offs and pending deals."
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tv blog draft C4 streaming consolidation who owns what 2026
primarykeyword: who owns streaming services 2026
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tv blog draft C4 streaming consolidation who owns what 2026
Paramount Warner Bros. Discovery merger
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tv blog draft C4 streaming consolidation who owns what 2026
audience: Subscribers wondering how deals affect their services; general entertainment readers
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tv blog draft C4 streaming consolidation who owns what 2026
updatefrequency: Monthly while the Paramount–Warner Bros. Discovery deal is pending; immediately on any close, court ruling or rename
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Streaming Consolidation Explained: Who Owns What in 2026
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.
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Streaming Consolidation Explained: Who Owns What in 2026
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.
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Who owns what: the 2026 ownership table
Streaming service — Parent company (Sept 2026) — Status notes
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Who owns what: the 2026 ownership table
Netflix — Netflix, Inc. — Independent; dropped its bid for WBD in Feb 2026
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Who owns what: the 2026 ownership table
Disney+ — The Walt Disney Company — Hulu content integrated into the Disney+ app
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Who owns what: the 2026 ownership table
Hulu — The Walt Disney Company — Fully owned since Disney bought Comcast's stake; standalone app being phased out in 2026
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Who owns what: the 2026 ownership table
ESPN (streaming service) — Disney (majority); NFL holds 10% of ESPN — ESPN direct-to-consumer launched Aug 2025; NFL deal closed 2026
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Who owns what: the 2026 ownership table
Fubo (incl. former Hulu + Live TV) — Majority owned by Disney [VERIFY stake] — Combination closed Oct 2025
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Who owns what: the 2026 ownership table
Prime Video, MGM+ — Amazon — Freevee shut down in 2025; its free content moved to Prime Video
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Who owns what: the 2026 ownership table
Apple TV (formerly Apple TV+) — Apple — Renamed Oct 2025
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Who owns what: the 2026 ownership table
Peacock — Comcast (NBCUniversal) — Stayed with Comcast after the Versant spin-off
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Who owns what: the 2026 ownership table
Paramount+, Pluto TV — Paramount Skydance Corp. — Skydance merger closed Aug 2025; BET+ folded into Paramount+ [VERIFY date]
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Who owns what: the 2026 ownership table
HBO Max, Discovery+ — Warner Bros. Discovery — Pending acquisition by Paramount Skydance
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Who owns what: the 2026 ownership table
Tubi, Fox One — Fox Corporation — Fox One launched Aug 2025
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Who owns what: the 2026 ownership table
Starz — Starz Entertainment — Independent public company since May 2025
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Who owns what: the 2026 ownership table
Crunchyroll — Sony — [VERIFY no change]
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Who owns what: the 2026 ownership table
AMC+ — AMC Networks — [VERIFY no change]
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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).
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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).
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Step 2: WBD plans a split, then attracts bidders
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).
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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.]
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Step 3: Paramount wins (agreed, not closed)
March 2, 2026: Paramount said it plans to combine HBO Max and Paramount+ into one streaming service after closing (CNBC; Variety).
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Step 3: Paramount wins (agreed, not closed)
April 23, 2026: WBD stockholders approved the deal (WBD).
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Step 3: Paramount wins (agreed, not closed)
July 13, 2026: California and 11 other states sued to block the merger (California DOJ; Deadline).
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Step 3: Paramount wins (agreed, not closed)
July 2026: A federal judge temporarily paused the merger at the states' request (Variety; NPR).
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Step 3: Paramount wins (agreed, not closed)
July 22, 2026: The European Commission approved the acquisition (Paramount IR; CNBC).
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Step 3: Paramount wins (agreed, not closed)
July 24, 2026: Paramount agreed not to close until 2027, with a deadline that can run as late as June 2027 (CNBC; Deadline).
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Step 3: Paramount wins (agreed, not closed)
August 2026: A judge set an antitrust trial for March 2027 (Variety). California's attorney general later called off settlement talks (CNN).
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Step 3: Paramount wins (agreed, not closed)
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.]
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Step 3: Paramount wins (agreed, not closed)
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.
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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).
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Disney: Hulu goes in, A+E goes out
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.]
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Disney: Hulu goes in, A+E goes out
Live TV: Hulu + Live TV was combined with Fubo; the deal closed in October 2025 (Variety).
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Disney: Hulu goes in, A+E goes out
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).
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Disney: Hulu goes in, A+E goes out
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).
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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.]
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Comcast: Versant takes the cable networks
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.
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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.]
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Renames and shutdowns to know
Max renamed back to HBO Max — July 2025 — Variety
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Renames and shutdowns to know
Freevee app shut down; content moved to Prime Video — 2025 — CNBC [VERIFY exact date]
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Renames and shutdowns to know
Apple TV+ renamed Apple TV — October 2025 — Deadline
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Renames and shutdowns to know
Fox One launched — August 21, 2025 — Fox Corporation
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Renames and shutdowns to know
Apple TV and Peacock bundle launched — October 2025 — Deadline
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What consolidation means for viewers
Fewer apps, bigger bundles. Hulu inside Disney+ and a planned HBO Max/Paramount+ combination point to fewer, larger services.
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What consolidation means for viewers
Prices may rise. Combined services typically cost more than either one alone, though no pricing has been announced for the HBO Max/Paramount+ plan.
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What consolidation means for viewers
Shows can move. When companies merge or split, licensing deals get renegotiated. Titles can leave one service and appear on another.
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What consolidation means for viewers
Accounts may migrate. When services merge, subscribers are usually moved over, sometimes with new plan names or terms.
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What consolidation means for viewers
Some brands disappear. Freevee and standalone BET+ are recent examples.
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FAQ
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.
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FAQ
Paramount has said it plans to combine them after its acquisition of Warner Bros. Discovery closes. Until then, they remain separate services.
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FAQ
Hulu's content isn't going away, but Disney is phasing out the standalone Hulu app and integrating Hulu into the Disney+ app.
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FAQ
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.
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FAQ
Starz Entertainment is an independent public company. It separated from Lionsgate in May 2025.
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FAQ
When will the Paramount–Warner Bros. Discovery deal close?
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FAQ
Not before 2027. Paramount agreed to delay closing, and a trial in the states' antitrust case is set for March 2027.
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Sources
Variety, Skydance closes Paramount deal: https://variety.com/2025/tv/news/paramount-skydance-deal-closes-1236477281/
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Sources
Deadline, Paramount Skydance merger closes: https://deadline.com/2025/08/paramount-skydance-merger-closes-david-ellison-1236481065/
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Sources
WBD, plan to separate: https://www.wbd.com/news/warner-bros-discovery-separate-two-leading-media-companies
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Sources
Bloomberg, Discovery Global name: https://www.bloomberg.com/news/articles/2025-07-28/warner-bros-says-its-spinoff-will-be-named-discovery-global
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Sources
Variety, WBD rejects $30 offer: https://variety.com/2025/film/news/warner-bros-discovery-rejects-paramount-acquisition-offer-1236609963/
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Sources
Paramount, enhanced $30 all-cash offer: https://www.paramount.com/press/paramount-enhances-its-superior-30-per-share-all-cash-offer-for-warner-bros-discovery-and-provides-update-on-regulatory-progress
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Sources
CNBC, Netflix ditches deal: https://www.cnbc.com/2026/02/26/warner-bros-discovery-paramount-skydance-deal-superior-netflix.html
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Sources
Variety, Netflix declines to raise bid: https://variety.com/2026/tv/news/netflix-declines-raise-bid-warner-bros-discovery-1236674149/
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Sources
Engadget, Paramount agrees to buy WBD: https://www.engadget.com/entertainment/paramount-agrees-to-buy-warner-bros-discovery-pays-netflix-28-billion-for-breakup-215936514.html
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Sources
Cleary Gottlieb, $110B acquisition: https://www.clearygottlieb.com/news-and-insights/news-listing/paramount-skydances-110-billion-acquisition-of-warner-bros-discovery
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Sources
Variety, HBO Max-Paramount+ to combine: https://variety.com/2026/tv/news/hbo-max-paramount-plus-combine-streaming-1236676645/
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Sources
WBD, stockholders approve: https://www.wbd.com/news/warner-bros-discovery-stockholders-approve-transaction-paramount-skydance
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Sources
California DOJ, lawsuit to block merger: https://oag.ca.gov/news/press-releases/attorney-general-bonta-files-lawsuit-block-110-billion-warner-brosparamount
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Sources
Deadline, 12 states sue: https://deadline.com/2026/07/state-antitrust-lawsuit-paramount-warner-bros-1236980723/
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Sources
Variety, judge pauses merger: https://variety.com/2026/film/news/judge-paramount-warner-bros-merger-tro-1236815048/
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Sources
NPR, court ruling freezes merger: https://www.npr.org/2026/07/20/nx-s1-5900888/paramount-wbd-tro-restraining-lawsuit
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Sources
Paramount IR, European Commission approval: https://ir.paramount.com/news-releases/news-release-details/european-commission-approves-paramount-skydance-corporation
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Sources
CNBC, EU clears merger: https://www.cnbc.com/2026/07/22/european-commission-paramount-wbd-approval.html
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Sources
CNBC, Paramount agrees to delay to as late as June 2027: https://www.cnbc.com/2026/07/24/paramount-wbd-merger-delay.html
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Sources
Deadline, Paramount agrees not to close until next year: https://deadline.com/2026/07/paramount-warner-bros-discovery-lawsuit-1237002761/
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Sources
Variety, trial set for March 2027: https://variety.com/2026/tv/news/paramount-warner-bros-antitrust-trial-date-march-2027-1236827843/
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Sources
CNN, California calls off settlement talks: https://www.cnn.com/2026/08/24/business/california-cancels-meeting-paramount-warner-merger-intl
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Sources
CNBC, Disney pays Comcast for Hulu stake: https://www.cnbc.com/2025/06/09/disney-comcast-hulu-valuation.html
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Sources
Variety, Hulu app to be phased out: https://variety.com/2025/digital/news/hulu-app-phased-out-disney-plus-fully-integrating-1236480450/
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Sources
Variety, Disney closes Fubo deal: https://variety.com/2025/tv/news/disney-hulu-live-tv-fubo-deal-close-1236564362/
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Sources
Deadline, NFL and ESPN close deal: https://deadline.com/2026/02/nfl-espn-disney-close-deal-1236705021/
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Sources
Variety, Hearst completes A+E purchase: https://variety.com/2026/tv/news/hearst-ae-global-media-disney-purchase-complete-1236827794/
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Sources
Deadline, Disney closes A+E sale: https://deadline.com/2026/08/disney-deal-closed-ae-global-media-stake-hearst-price-1237017577/
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Sources
The Hollywood Reporter, Versant separation complete: https://www.hollywoodreporter.com/business/business-news/comcast-versant-media-separation-complete-1236464232/
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Sources
Variety, Versant spin-off completed: https://variety.com/2026/tv/news/comcast-completes-versant-spinoff-stock-public-company-1236623658/
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Sources
Versant Media: https://www.versantmedia.com/
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Sources
Lionsgate IR, separation: https://investors.lionsgate.com/news-events/news/news-details/2025/Lions-Gate-Entertainment-Corp--Separates-its-Studio-and-STARZ-Businesses-into-Two-Independent-Publicly-Traded-Companies/default.aspx
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Sources
Starz IR, separation complete: https://investors.starz.com/news-releases/news-release-details/starz-completes-separation-lionsgate-and-begins-trading-today
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Sources
Variety, Legendary mulling Lionsgate acquisition: https://variety.com/2025/film/news/legendary-lionsgate-studios-acquistion-deal-talks-1236453689/
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Sources
Deadline, Apple TV+ rebrands: https://deadline.com/2025/10/apple-tv-rebrands-apple-tv-no-plus-sign-1236583543/
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Sources
Deadline, Apple TV and Peacock bundle: https://deadline.com/2025/10/apple-tv-peacock-streaming-bundle-1236588826/
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Image suggestions
Original ownership diagram: parent companies as boxes, services as nodes, with pending deals shown as dashed lines and a "last verified" date.
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Image suggestions
Original timeline graphic of the Paramount–WBD deal (Feb 2026 agreement → Apr vote → Jul lawsuit/EU approval → Mar 2027 trial).
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Image suggestions
Official service logos from each company's press/brand pages, used per their brand guidelines. Don't create a mock "combined HBO Max + Paramount+" logo; no such logo has been released.