Discovery+ Fades Into Background as Skydance Merges HBO Max and Paramount+

Skydance CEO David Ellison announced plans to combine HBO Max and Paramount+ into a single streaming application, with bundling options arriving sooner and full integration taking longer. The announcement notably omitted any discussion of Discovery+, the streamer serving niche content from Discovery Channel, HGTV, Food Network, and other linear networks. As of August 2026, Discovery+ has approximately 4.9 million paying U.S. subscribers, making it appear increasingly marginal within the larger corporate structure.

The merger of Paramount and Skydance represents a significant consolidation in the streaming sector, with plans to unify two major platforms serving tens of millions of subscribers. However, the strategic emphasis on combining HBO Max and Paramount+ appears to sideline Discovery+, a service that hosts programming from eight cable networks including HGTV, Food Network, and Animal Planet. The omission was notable enough that even media measurement firms downplayed the service in their reporting.

Despite its apparent marginalization, Discovery+ maintains operational viability. The service generates estimated profits in the low nine figures while operating with minimal overhead costs, as it primarily redistributes cable content rather than producing original programming. Its subscriber base of roughly 4.9 million Americans represents a significant decline from the 24 million global subscribers reported in 2022, underscoring the competitive pressures facing niche streaming platforms.