Skydance chairman and CEO David Ellison recently confirmed the long-term strategy to combine HBO Max and Paramount+ into one unified streaming application. The news, revealed during a day-one event celebrating the merger of Paramount Skydance and Warner Bros. Discovery, signals a significant shift in the streaming landscape. However, as The Hollywood Reporter first noted, a striking omission from all discussions was any mention of Discovery+.

Despite its established presence and dedicated viewership, the Discovery+ brand—along with its parent company's cable channels—was conspicuously absent from the conversation. This oversight extended beyond Skydance executives, even to a press briefing by subscription-economy measurement company Antenna, which provided relevant data but initially left Discovery+ out of its analysis.

While Discovery+ may not boast the same subscriber numbers as its soon-to-be-merged counterparts (Antenna estimates 4.9 million paying U.S. subscribers as of August 2026, compared to Paramount+'s 34.5 million and HBO Max's 28.3 million), it's far from a struggling service. Sources close to the matter told The Hollywood Reporter that Discovery+ is profitable, potentially generating low nine figures. Its operational costs are remarkably low, partly because it no longer invests in original programming, instead serving as a direct-to-consumer hub for popular cable content from channels like HGTV, Food Network, and TLC. This model makes it a pure cord-cutter's dream, offering next-day access to shows without the burden of production expenses.

Furthermore, Discovery+ boasts a relatively low churn rate, indicating a loyal subscriber base and a stable revenue stream. This profitability and stickiness make its current status all the more perplexing. Warner Bros. Discovery’s former chief financial officer, Gunnar Wiedenfels, who is not joining Skydance, previously championed the platform. On a February 2026 earnings call, Wiedenfels stated, "I do want to talk about D+ for a second... we still have millions of viewers who are very regularly engaged, who love the content. And there is a tremendous opportunity."

He further emphasized its financial health, saying, "it is a profitable business, and I think has a lot more ahead for us." The service also holds the valuable pan-European pay-TV and streaming rights for the Olympics through 2032, a significant asset now under Skydance's purview.

The silence surrounding Discovery+ may stem from Skydance's immediate focus on larger assets and the considerable $80 billion debt carried by the combined entities. Prioritizing the integration of HBO Max and Paramount+, with their larger subscriber bases, is a natural first step. Casey Bloys, the highly respected chief of HBO, has been tapped to lead Skydance’s streaming business, overseeing HBO Max, Paramount+, and even Pluto TV—but again, no mention of Discovery+.

Despite being overlooked in the current high-stakes discussions, the underlying business logic suggests Discovery+ is too valuable to simply disappear. Its profitability and consistent revenue stream provide a solid foundation, even if it remains a lower priority within the new media giant's expansive "Mountain of Entertainment."