Warner Bros Discovery (which operates HBO Max / Max) and Paramount Global (which operates Paramount+) are major legacy entertainment companies that produce and distribute films, television, sports, and news content. In recent years, both companies have faced declining cable revenues, debt burdens, and competition from larger streaming and technology platforms such as Netflix, Amazon, Apple, and Disney. A merger into a single streaming platform would involve combining their content libraries (e.g. HBO, Warner Bros films, DC, Paramount Pictures, CBS, Nickelodeon), subscriber bases, and production resources.