A group of streaming subscribers is asking a federal judge to keep Paramount+ and HBO Max apart before their new parent can start merging them. In an October 16 filing, five plaintiffs sought a preliminary injunction that would require Paramount Skydance Corporation and Skydance Media to preserve the acquired Warner Bros. Discovery streaming and content assets as separate, identifiable businesses while the antitrust case plays out.
The motion does not try to reverse the $111 billion Paramount-WBD deal that closed September 30. Instead, it asks the court to keep a divestiture remedy available: standalone HBO Max and Paramount+ products would have to remain in the market, and the company would have to keep separate records for subscribers, revenue, costs, content rights and material assets.
What the proposed order means
The nine-point proposed order is narrower than a full challenge to the merger, but stricter than the September 21 settlement Skydance reached with 12 state attorneys general. Its core demand is structural separation, not damages.
- Maintain standalone Paramount+ and HBO Max subscription products.
- Keep separate records for subscribers, revenue, costs, content rights and other assets.
- Block any forced migration to a single replacement service while the case continues.
Plaintiffs Pamela Faust, Len Marazzo, Lisa McCarthy, Deborah Rubinsohn and Gary Talewsky have requested a December 3 hearing before U.S. District Judge Araceli Martínez-Olguín.
Why the timing matters
Skydance has not hidden its endgame. CEO David Ellison said after the close that the plan is “basically to bring them together,” while offering no timetable. A preliminary injunction would delay the integration and the cost-cutting that usually follows, which matters for a company carrying more than $80 billion in debt.
The stock is also under pressure. Shares traded under $7 midday Monday, down about 3% and near their low, compared with roughly $10 when the Warner Bros. Discovery deal closed October 6. Skydance is expected to update investors within weeks, and Wall Street is looking for a clear strategy on both integration and debt.
For media planners and streaming marketers, the case is a reminder that a closed merger is not the same as a settled merger. Until the judge rules, teams should treat Paramount+ and HBO Max as separate inventory, pricing and content businesses rather than assuming one combined platform is imminent.
Source: Deadline
