who-owns-hbo

Who Owns HBO? The Ownership Chain in 2026

Updated October 2026 ยท reviewed for today
In short

HBO is owned by Skydance Corporation (NYSE: SKYD), formerly Paramount Skydance, through Warner Bros. Discovery, which became Skydance’s wholly owned subsidiary when the cash merger closed on 6 October 2026. Voting control of Skydance sits with the Ellison family: as of 20 February 2026, Harbor Lights Entertainment, which David Ellison may be deemed to control, held all of Skydance’s voting Class A stock. HBO, the premium pay-TV network, and its streaming service HBO Max now sit in the same company as Paramount+ and CBS.

Who Owns HBO? The Ownership Chain in 2026: hand-drawn explainer by The Business Engineer
Drawing by The Business Engineer.

Who owns it

01
Skydance bought HBO's parent
Skydance paid $31.01666668 in cash for each Warner Bros. Discovery share. WBD survived the merger as a wholly owned subsidiary of Skydance on 6 October 2026, so HBO changed owner without being sold on its own.
02
The Ellisons hold the votes
Skydance's 10-K/A says Class A is its only voting class and that Harbor Lights Entertainment held all of it as of 20 February 2026; David Ellison, chairman and CEO, may be deemed to control that holding.
03
Public investors hold Class B
Skydance's Class B shares trade on the NYSE as SKYD and carry no votes. Buying them is now the only listed way to own a slice of HBO.
04
Where HBO sat inside WBD
WBD reported HBO and HBO Max in its Streaming segment, which earned $10,876 million of revenue and $1,370 million of adjusted EBITDA in fiscal 2025.

What changed in 2025-26

Max became HBO Max again

On 14 May 2025 WBD announced that its streaming service Max would be rebranded HBO Max that summer, putting the HBO name back at the centre of its streaming strategy.

A streaming business that grew

WBD ended 2025 with 131.6 million streaming subscribers, up from 116.9 million a year earlier, and launched HBO Max in Germany and Italy in January 2026.

A bidding war for HBO

WBD first agreed to sell its studios and streaming business, including HBO and HBO Max, to Netflix. On 27 February 2026 it ended that deal for Paramount Skydance’s offer for the whole company, which its board judged superior.

One owner for two streaming services

Skydance’s closing release lists HBO, HBO Max and Paramount+ in one portfolio organised in Studios, Direct-to-Consumer and TV Media segments, and targets at least $6 billion of run-rate synergies within three years.

HBO in WBD's last annual report

Streaming segment revenue
Fiscal 2025$10,876 million
NoteIncludes HBO Max, HBO and discovery+
Streaming adjusted EBITDA
Fiscal 2025$1,370 million
NoteUp from $677 million in 2024
Streaming subscribers
Fiscal 2025131.6 million
NoteAs of 31 December 2025
International subscribers
Fiscal 202572.4 million
NoteGrew faster than domestic (59.2 million)
Owner since 6 October 2026
Fiscal 2025Skydance Corporation
NoteWBD is its wholly owned subsidiary

What it means for you

  • Investors: to own part of HBO you now buy Skydance Class B shares, which carry no votes; the Class A holder controls the company.
  • Read Skydance's filings from now on: HBO's numbers will appear inside its Direct-to-Consumer and other segments, not WBD's.
  • Subscribers: expect bundles or product changes between HBO Max and Paramount+ as the synergy plan unfolds; watch official announcements, not rumours.
  • Producers and talent: one buyer now controls HBO, Warner Bros. and Paramount, so the number of big premium-TV buyers has shrunk by one.
  • Media builders: HBO's path from cable channel to global streaming brand shows how a premium label keeps pricing power as pay-TV declines.
The Business Engineer lens

HBO changed owner because scale in streaming, studios and sports became the prize as the cable bundle shrank. The Business Engineer reads HBO inside Skydance as a test of whether a premium brand keeps its pricing power once it is one service among several in a debt-funded combination.

Read: The New Value Chain of AI Media โ†’Explore the platform โ†’

Related: Who owns CNN ยท Who owns Paramount ยท Who owns Warner Bros. ยท HBO business model ยท Who owns Netflix

Frequently asked questions

Who owns HBO in 2026?

Skydance Corporation, formerly Paramount Skydance, which acquired HBO's parent Warner Bros. Discovery on 6 October 2026. The Ellison family controls Skydance's voting shares.

Does Warner Bros. Discovery still own HBO?

WBD still holds HBO, but since 6 October 2026 WBD is a wholly owned subsidiary of Skydance and its shares no longer trade.

Did Netflix buy HBO?

No. WBD signed a deal with Netflix but ended it on 27 February 2026 for Paramount Skydance's offer, which closed on 6 October 2026.

Is it called Max or HBO Max?

HBO Max. WBD announced on 14 May 2025 that Max would be rebranded HBO Max in summer 2025.

Sources

The full guide

The complete explainer, cleaned up and reformatted for mobile.

Who Owns HBO?
Subsidiary of Warner Bros. Discovery
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HBO is part of Warner Bros. Discovery, a massive group comprising brands such as Discovery, Warner Bros, HBO, HGTV, Food Network, and many others.

Brand
DescriptionHBO (Home Box Office)
Ownership Structure
DescriptionWholly owned subsidiary
Parent Company
DescriptionWarner Bros. Discovery, Inc.
Acquisition Date
DescriptionWarnerMedia (formerly Time Warner), the parent company of HBO, was acquired by AT&T in 2018 and subsequently merged with Discovery, Inc. in April 2022.
Founding Date
DescriptionNovember 8, 1972
Founders
DescriptionCharles Dolan and Gerald Levin
Headquarters
DescriptionNew York City, New York, USA
Primary Business
DescriptionProducing and distributing premium television content, including original series, movies, documentaries, and sports programming
Strategic Goals
DescriptionExpanding streaming services globally, creating high-quality original content, leveraging synergies with Warner Bros. Discovery, and increasing subscriber base

Additional Ownership Details

  • Corporate Structure and Ownership: HBO is a wholly owned subsidiary of Warner Bros. Discovery, Inc. Warner Bros. Discovery was formed following the merger of WarnerMedia, previously owned by AT&T, with Discovery, Inc. This merger, completed in April 2022, created a media powerhouse that combines WarnerMediaโ€™s entertainment assets with Discoveryโ€™s global media portfolio. HBO operates as one of the flagship brands under Warner Bros. Discovery, leveraging its extensive library and production capabilities to drive growth and innovation.
  • History and Brand Development: HBO was launched in 1972 as the first subscription-based cable television channel, pioneering the concept of premium television content. The channel was initially founded by Charles Dolan and Gerald Levin and quickly gained popularity for its uncut and commercial-free programming. Over the decades, HBO has become synonymous with high-quality original content, producing critically acclaimed series such as “The Sopranos,” “Game of Thrones,” “The Wire,” “Westworld,” and “Succession.” Its commitment to storytelling excellence has established HBO as a leader in the entertainment industry.
  • Business Model and Revenue Streams: HBO generates revenue primarily through subscription fees from its cable television services and its streaming platforms, HBO Max and HBO Now. The company offers a variety of subscription packages, providing access to exclusive content, original series, documentaries, and blockbuster movies. HBOโ€™s business model focuses on delivering premium content to subscribers across multiple platforms, capitalizing on the growing demand for on-demand entertainment. The company also licenses its content to international broadcasters and streaming services, further diversifying its revenue streams.
  • Streaming Services and Digital Expansion: In response to the rise of streaming platforms, HBO launched HBO Max in May 2020, a comprehensive streaming service that combines HBO’s original programming with content from Warner Bros., DC, Turner Classic Movies, and more. HBO Max aims to compete with other major streaming services like Netflix, Disney+, and Amazon Prime Video, offering a vast library of content for subscribers. The platformโ€™s strategic goal is to expand its global reach, attract new subscribers, and enhance user engagement through a diverse content lineup and user-friendly interface.
  • Content Innovation and Original Programming: HBO is renowned for its original programming, consistently producing high-quality series that resonate with audiences and critics alike. The network invests heavily in developing unique and compelling stories, partnering with top creators and industry talent to maintain its reputation for excellence. HBOโ€™s content strategy emphasizes diversity and innovation, exploring a wide range of genres and themes to appeal to different demographics. The brand’s focus on storytelling and creative freedom allows it to push boundaries and deliver award-winning content that sets it apart from competitors.
  • Global Market Expansion: With the launch of HBO Max, HBO has prioritized expanding its international presence, entering new markets, and adapting its offerings to meet regional preferences. HBOโ€™s international strategy includes collaborating with local production companies to create region-specific content, enhancing its appeal to global audiences. The company aims to increase its subscriber base worldwide, leveraging Warner Bros. Discoveryโ€™s resources and distribution networks to strengthen its market position.
  • Brand Positioning and Marketing: HBO positions itself as a premium entertainment brand, known for producing content that challenges conventions and captivates viewers. The brandโ€™s marketing strategy focuses on highlighting its original programming and exclusive offerings, using trailers, teasers, and social media campaigns to generate buzz and anticipation for upcoming releases. HBOโ€™s reputation for quality and innovation is a key component of its brand identity, attracting viewers who seek engaging and thought-provoking entertainment.
  • Leadership and Governance: HBO operates under the leadership of Warner Bros. Discoveryโ€™s executive team, with key figures such as David Zaslav, the CEO of Warner Bros. Discovery, guiding its strategic direction. HBO’s management team is tasked with overseeing content development, distribution, and marketing, ensuring alignment with the parent companyโ€™s overall goals. The leadership emphasizes a culture of creativity and collaboration, fostering an environment where innovative ideas can thrive and translate into compelling content for viewers.
Products and Services
DescriptionHBO offers a range of products and services, including premium cable television channels, streaming services (HBO Max), and original programming. HBO’s content spans various genres, including drama, comedy, documentaries, and movies. Users can subscribe to HBO through cable or satellite providers, purchase standalone streaming subscriptions, or access HBO Max through select internet and cable packages.
AnalysisHBO’s core offerings are premium television channels and streaming services. Its reputation for producing high-quality original content and exclusive releases attracts subscribers. The availability of multiple subscription options ensures broad accessibility.
ExamplesPremium cable channels, streaming services, original programming, broad content genres, high-quality content, exclusivity, various subscription options.
Revenue Streams
DescriptionHBO generates revenue primarily through subscription fees. Cable and satellite providers pay HBO a fee per subscriber for access to its channels. HBO also earns from standalone streaming subscriptions and advertising on its streaming platforms. The sale of licensed merchandise and home video releases contributes to additional revenue.
AnalysisSubscription fees from cable and satellite providers constitute the primary revenue source. Standalone streaming subscriptions and advertising on streaming platforms, particularly HBO Max, add to the revenue mix. Licensed merchandise and home video releases provide ancillary income.
ExamplesRevenue from subscription fees, cable and satellite providers, standalone streaming subscriptions, advertising, licensed merchandise, home video releases, diversified revenue sources.
Customer Segments
DescriptionHBO’s customer base consists of television viewers looking for premium entertainment content. This includes individuals, households, and families willing to pay for high-quality programming. The audience also includes subscribers who prefer streaming services for on-demand viewing.
AnalysisHBO serves a customer base primarily interested in premium entertainment content. Its audience comprises individuals, households, and families seeking high-quality programming. The availability of cable and streaming options caters to diverse viewer preferences.
ExamplesTelevision viewers, individuals, households, families, premium entertainment content, diverse viewer preferences, cable and streaming options.
Distribution Channels
DescriptionHBO distributes its content through multiple channels, including cable and satellite providers, streaming services, and its official website. Viewers can access HBO’s content through cable TV packages, standalone streaming subscriptions, or bundled access via HBO Max. Streaming platforms and app stores also provide access to HBO Max.
AnalysisDistribution channels encompass cable and satellite providers, standalone streaming subscriptions, the HBO Max platform, and app stores. The multi-channel approach ensures accessibility to HBO’s content through various means, accommodating viewer preferences.
ExamplesCable and satellite providers, standalone streaming subscriptions, HBO Max platform, app stores, accessibility, diverse distribution channels.
Key Partnerships
DescriptionHBO collaborates with cable and satellite providers to offer its premium channels as part of TV packages. The network also partners with streaming platforms and device manufacturers for distribution. Additionally, HBO collaborates with content creators, production companies, and talent to create original programming.
AnalysisPartnerships with cable and satellite providers expand HBO’s reach to traditional TV audiences. Collaborations with streaming platforms and device manufacturers enhance digital accessibility. Partnerships with content creators and talent contribute to the creation of compelling original content.
ExamplesCable and satellite provider partnerships, streaming platform collaborations, device manufacturer partnerships, content creator and talent collaborations, expanded reach, compelling original content.
Key Resources
DescriptionKey resources for HBO include its library of original content, exclusive programming deals, streaming technology infrastructure, marketing and promotional efforts, partnerships with cable and satellite providers, and a dedicated team for content creation and production. Original content and exclusive deals are vital assets.
AnalysisHBO’s resources encompass its library of original content, exclusive programming agreements, robust streaming infrastructure, marketing and promotional capabilities, partnerships with cable and satellite providers, and a specialized content creation team. These resources drive the network’s ability to attract and retain subscribers.
ExamplesOriginal content library, exclusive programming deals, streaming infrastructure, marketing capabilities, promotional efforts, cable and satellite provider partnerships, content creation team, subscriber attraction and retention.
Cost Structure
DescriptionHBO incurs various costs related to its operations, including expenses for content creation and production, marketing and advertising to promote its shows and services, employee salaries and benefits, technology infrastructure maintenance, licensing fees for content rights, and administrative overhead. Content production is a significant cost.
AnalysisCosts associated with HBO’s operations include content creation and production expenses, marketing and advertising costs, employee salaries and benefits, technology infrastructure maintenance, licensing fees for content rights, and administrative overhead. Content production, including top-quality shows, represents a substantial operational expense.
ExamplesContent creation and production costs, marketing and advertising expenses, employee salaries and benefits, technology infrastructure maintenance, content rights licensing fees, administrative overhead, substantial content production expenses.
Competitive Advantage
DescriptionHBO’s competitive advantage stems from its reputation for producing high-quality original content and securing exclusive programming deals. Its long-standing presence in premium television and streaming markets, along with a loyal subscriber base, positions it as a top player. HBO’s ability to adapt to changing viewer preferences and maintain exclusivity adds to its strength.
AnalysisHBO’s strengths include a reputation for top-quality original content, exclusive programming agreements, longevity in premium television and streaming markets, a loyal subscriber base, and adaptability to evolving viewer preferences. Maintaining exclusivity and staying relevant contribute to its competitive position.
ExamplesHigh-quality original content, exclusive programming deals, longevity, loyal subscriber base, adaptability, exclusivity, competitiveness in premium television and streaming markets.

Origin Story

HBO (Home Box Office) is an American premium cable and streaming television network that has been a leading force in the entertainment industry since its founding in 1972. The earliest iteration of the company was founded by cable television executive Charles Dolan.

Here is a brief look at HBOโ€™s history including its critical early years and national expansion.

Sterling Information Services

Before HBO, Dolan was a marketer and distributor of content for television syndication and pioneered the commercial use of cables. In 1965, he was issued a franchise permit by the New York City Council to service Lower Manhattan with cable television.

Dolanโ€™s service was launched in September 1966 and was initially offered via his company Sterling Information Services. For the first few years, he lost money on the venture because of a lack of subscribers and the costs associated with laying underground infrastructure โ€” as explored in the economics of AI compute infrastructure โ€” .

Desperate to keep the company afloat, Dolan had the idea in 1971 to offer a dedicated cable TV channel on a subscription basis. Codenamed “The Green Channel”, it would offer Hollywood films and live sports without interruption from advertising.

Dolan also sold a 20% stake to Time-Life Company which later sent out a direct mail research brochure to gauge consumer interest in the idea. Despite just 1.2% of participants showing interest in paying for television, the partners decided to move forward with the venture anyway.

HBO is launched

HBO was launched on November 8, 1972, with the first program a National Hockey League (NHL) match between the Vancouver Canucks and the New York Rangers. There were just 365 subscribers at this time, and all of them were in Pennsylvania.

Sterling Communications and Time-Life initially wanted to call the service “Sterling Cable Network”, but after further discussion, “Home Box Office” (HBO) was deemed more suitable. The name was intended to convey to customers that HBO would be their โ€œticketโ€ to events and movies they could view from the comfort of their own homes.

By January 1974, HBOโ€™s programming increased to around eight hours per day during the week and twelve hours per day on the weekend. In addition to movies and sports, the channel also featured concerts, childrenโ€™s content, and various instructional series.

National expansion

HBO had plans to expand across the United States in the 1970s but realized that it would be too expensive to install microwave and telephone relay towers in all 50 states. 

The company later settled on satellite technology as the only cost-effective solution, and on September 30, 1975, HBO became the first TV network to deliver a continuous signal via satellite when it broadcast a heavyweight boxing match between Muhammad Ali and Joe Frazier.

By the end of 1975, HBO had 300,000 subscribers and, just five years later, had 2 million subscribers in all 50 U.S. states. The companyโ€™s growth would also encourage the development of the pay television industry as a whole, with HBO part-owner Warner Communications the first to offer a competitor service.

Additional channels

HBO introduced a second channel called Cinemax in 1980 after increased pressure from rival Showtime. Soon after, HBO had the financial clout to pay movie producers to feature film broadcasts and also started the movie studio Tri-Star Pictures.

The Comedy Channel was released in 1989, with HBO 2 and Cinemax 2 launched in 1991. Alternative media for different viewer groups was later developed with the dedicated channels HBO Family and HBO Latino.

Key takeaways

  • HBO (Home Box Office) is a premium cable and streaming television network that was founded in 1972. The earliest iteration of the company was founded by cable television executive Charles Dolan.
  • HBO was launched on November 8, 1972, with the first program a National Hockey League (NHL) match between the Vancouver Canucks and the New York Rangers. There were just 365 subscribers at this time, and all of them were in Pennsylvania.
  • HBO had plans to expand across the United States in the 1970s but realized that it would be too expensive to install microwave and telephone relay towers in all 50 states. The company later decided to use satellite technology, which fuelled its growth and increased the popularity of cable TV more broadly.

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