HBO Max, TNT Sports & Sky: How Netflix Deal Affects UK

If you’ve been following the streaming scene, you probably heard the news this morning – Netflix has agreed to buy Warner Bros Discovery’s film and television studios, along with HBO Max, for a staggering £54bn equity value ($72bn).

It’s the biggest deal Hollywood has seen in years, and it’s going to reshape how we watch telly in the UK.

Will HBO Max still launch in the UK in March? What happens to Sky’s deal that promised bundled HBO Max access? Will Netflix keep running TNT Sports, or sell off those expensive Premier League and FA Cup rights? And most importantly for your wallet – how much is all this going to cost?

But here’s the thing – this is one of those articles where the TLDR version is basically “it depends” or “we don’t know yet”.

No one outside Netflix’s boardroom knows exactly what they’re planning to do with all this. What we can do is make some educated guesses based on what they’ve said so far, what they’re actually buying, and how the UK streaming market currently works.

Just keep in mind that this deal still has a long way to go before it’s finalised – it needs regulatory approval in the US and potentially other countries, which could take 12-18 months. Things could still change.

A Quick Recap: What’s Actually Happened?

Netflix has entered into a definitive agreement to acquire Warner Bros, including its film and television studios, HBO Max, and HBO itself.

The cash and stock deal is worth £54bn ($72bn), with Netflix also offering a hefty $5.8bn breakup fee if regulators block the transaction.

The deal is expected to close within 12-18 months, after Warner Bros Discovery completes its previously announced separation of Discovery Global into a separate company.

As we covered just yesterday, this puts an end to a weeks-long bidding war that also saw Paramount Skydance and Comcast competing for these assets. Netflix emerged victorious, offering the highest bid and securing the deal.

For UK viewers, this brings together Netflix’s global streaming dominance with some of the most valuable entertainment franchises on the planet – Harry Potter, Game of Thrones, The Sopranos, the DC Universe, and Warner Bros’ vast film library going back nearly a century.

What Netflix Is (and Isn’t) Buying

Let’s be clear about what’s actually changing hands here, because there’s been quite a bit of confusion.

What Netflix IS getting:

• Warner Bros film and television studios
• HBO and HBO Max streaming service
• The franchises
• Warner Bros’ extensive film library (The Wizard of Oz, Casablanca, The Matrix, you name it)
• TNT Sports International – which includes the UK operation (more on this in a moment)

What Netflix is NOT getting:

• Discovery Global (the separate company being spun off)
• US cable networks like CNN and TNT Sports in the US
• Discovery’s factual and lifestyle channels (Discovery Channel, TLC, Animal Planet, etc.)
• Discovery’s UK Freeview channels
• Discovery+ entertainment content (the factual programming side)

This split is important. Warner Bros Discovery has been planning to separate into two companies – one focused on streaming and studios (which Netflix is buying), and one focused on traditional TV networks (Discovery Global, which remains independent).

For UK viewers, this means Discovery’s Freeview channels and the entertainment side of Discovery+ won’t be affected by this deal. What WILL be affected is everything related to HBO Max and TNT Sports.

The HBO Max Question: Will It Even Launch In The UK?

HBO Max has been confirmed to launch in the UK in late March 2026, just over three months away.

Back in December 2024, Warner Bros Discovery struck a major deal with Sky that would see HBO Max bundled with Sky and NOW services at no extra cost (the ad-supported tier, anyway). Sky customers would also continue getting some existing HBO shows on Sky Atlantic as they always have.

So what happens now that Netflix owns it all?

My best guess – and it is just a guess – is that HBO Max will probably still launch in March as planned. The Netflix deal won’t be complete by then (these things take months to get through regulators), so Warner Bros Discovery will still be calling the shots in the short term.

But long-term? That’s where it gets murky.

Netflix has said they expect to maintain Warner Bros’ current operations and build on its strengths. They’ve also mentioned keeping HBO Max as a service, at least initially.

But let’s be realistic – there’s no point in running two separate major streaming services indefinitely when you’re trying to be the dominant player in the market.

The most likely scenario is that HBO Max launches as planned, operates as a separate service for a while (possibly as a Netflix add-on rather than a standalone, once the deal goes through), and then eventually gets absorbed into Netflix completely.

Think of how Disney+ absorbed Hulu content in the US (and the UK), or how different content libraries exist within the same app in different regions.

Netflix might keep older HBO shows as part of the standard Netflix library, while making newer prestige content or the premium back catalogue available as a paid add-on.

Or they might section off HBO content within Netflix itself, similar to how Disney+ handles Hulu (previously Star) content.

• December 9: We have an update from WBD regarding HBO Max’s UK launch.

What About Sky’s HBO Max Deal?

This puts Sky in a rather awkward position.

They signed that deal with Warner Bros Discovery promising Sky and NOW customers would get HBO Max bundled in, and that some HBO shows would continue on Sky Atlantic. Now Netflix will own the whole thing.

The good news for Sky customers is that Sky already has a strong working relationship with Netflix. Netflix is bundled into almost all of Sky’s plans already – you can get it with Sky Stream, Sky Glass, and most Sky Q packages.

So even if Netflix eventually absorbs HBO Max entirely, Sky customers would still have access to that content through their existing Netflix bundles.

However – and this is a big however – Netflix will surely charge Sky more money for access to HBO’s premium content library. That’s just how these deals work.

Which means we’re likely looking at price increases from Sky down the line, once Netflix is in control.

There’s also the question of those HBO shows that were supposed to stay on Sky Atlantic. Netflix will presumably honour existing contracts, but going forward, will they want to continue licensing their premium HBO content to other broadcasters and streamers? Or will they make it all exclusive to Netflix?

This makes it even clearer that Sky needs to double down on original programming.

They’ve already been investing heavily in Sky Originals – shows like Gangs of London, The Day of the Jackal, and their upcoming slate of dramas. As we covered back in August, Sky is ramping up production to create content that’s genuinely exclusive and can’t be found anywhere else.

Speaking of Sky’s future, it’s worth mentioning that Comcast (Sky’s parent company) is currently in preliminary talks to buy ITV’s broadcasting arm for £1.6bn.

This would give Sky control over ITV’s channels and the ITVX streaming platform, though not ITV Studios (which makes the actual programmes).

If that deal goes through, Sky would have access to a massive library of British content that UK viewers genuinely want to watch – Coronation Street, I’m A Celebrity, all the big ITV shows.

It would be a major boost to their content offering, though the deal still faces significant regulatory scrutiny and is far from certain.

The TNT Sports Wild Card

Now here’s where things get really complicated for UK sports fans.

TNT Sports is Warner Bros Discovery’s premium sports service in the UK. It evolved from BT Sport back in July 2023, and it currently holds some valuable UK sports rights: Premier League matches (including those Saturday 12:30pm kick-offs), the FA Cup, MotoGP, UFC, and cricket.

Earlier this year, it also absorbed all of Eurosport’s content, adding tennis Grand Slams, cycling’s Grand Tours, winter sports, and more.

But TNT Sports has been haemorrhaging money and losing major rights recently. The broadcaster reported losses of £187.5m in 2024, more than double the previous year’s £73.4m loss.

And in November, it lost one of the crown jewels of its offering – Champions League rights have gone to Paramount+ from 2027, along with the Europa League and Conference League. That’s a massive blow.

Currently, TNT Sports is available through Discovery+ at £30.99 per month for sports-only, or £33.99 for sports plus entertainment content.

As we covered in July, these prices have been creeping up steadily, particularly after the old £6.99 Eurosport option disappeared – leaving cycling and tennis fans rather unhappy about being forced to pay for football and other sports they don’t care about.

According to the deal announcement, Netflix is acquiring TNT Sports International (which includes the UK), while TNT Sports in the US is staying with Discovery Global.

This creates a very odd situation where Netflix owns these sports rights almost everywhere EXCEPT the US.

That’s confusing for a company like Netflix that typically tries to maintain a consistent global offering. Sure, content varies by region due to licensing, but having a completely different sports strategy in different markets is unusual.

And here’s the big question – what will Netflix actually do with £30-per-month premium sports content that’s already losing money and just lost some valuable rights?

Netflix has been tiptoeing into sports recently – they’ve got WWE, some NFL games, boxing matches.

But suddenly owning Premier League coverage, FA Cup matches, Grand Slam tennis, and the rest? That’s a leap into expensive sports broadcasting, and TNT’s financial performance suggests it’s not exactly profitable.

It’s hard to imagine Netflix just swallowing that £30.99 monthly cost into their standard subscription without raising prices significantly. The most likely scenario is that TNT Sports becomes a paid add-on to Netflix, at least initially.

You’d subscribe to Netflix as normal, then pay extra for access to live sports – similar to how some streaming services handle premium add-ons.

And to add a bit MORE to the complexity – BT still owns 50% of TNT Sports (though there have been rumours of a possible sale to Warner Bros. Discovery). Where does that leave them?

Then there’s another possibility worth considering – Netflix might not want to stay in the expensive UK sports rights game long-term.

When current contracts expire (Premier League rights run until 2029, for instance), Netflix might simply decide not to renew them. They could let these expensive sports properties go to other broadcasters.

If that happens, it would actually strengthen Sky’s position significantly. Sky Sports is already a major player in UK sports broadcasting, and if Netflix exits the market, Sky becomes even more dominant in that space – particularly if Paramount+ struggles to make Champions League coverage profitable.

As for Discovery+ itself – the entertainment streaming service – if Netflix does take TNT Sports away from it, Discovery+ would be left with just factual and lifestyle programming.

Discovery Channel documentaries, TLC reality shows, Animal Planet content. That’s… not exactly the most compelling standalone streaming proposition.

The Pricing Puzzle

Let’s talk about what this might mean for your wallet.

Netflix last raised its UK prices in February 2025. The Standard plan now costs £12.99 (up from £10.99), Premium is £18.99 (up from £17.99), and even the ad-supported tier went up to £5.99.

Netflix has a well-established pattern of annual price increases, and they’ve consistently justified them as necessary to invest in better content.

Well, they’re about to acquire some of the best content in the business. Which gives them a perfect excuse for another round of price rises.

But the timing and structure of those increases depends entirely on how Netflix chooses to integrate HBO Max. There are several possible scenarios:

Scenario 1: HBO Max stays standalone
HBO Max launches in March 2026, in the UK, as planned – and continues operating as a separate streaming service, similar to how Paramount+ exists alongside other services.

You could subscribe to HBO Max without needing Netflix, probably at prices similar to what HBO Max charges in other markets. The Sky bundle arrangement might continue as negotiated. This seems like the least likely long-term option, but could be how things work in the transition period.

Scenario 2: HBO Max becomes a Netflix add-on
You’d need a base Netflix subscription to access HBO Max, then pay extra for the HBO content. This could work like Max’s tiering system in other markets – maybe older HBO shows are included in standard Netflix, while newer prestige content and the full back catalogue require the add-on. 

Scenario 3: Full absorption into Netflix
Everything just becomes “Netflix content” with no separate HBO Max branding. All those HBO shows, Warner Bros films, and DC content simply join the Netflix library. This would give Netflix justification for significant price increases across all tiers.

As for timing, we’ll probably see Netflix’s usual annual price increase around February or March 2026, before the deal completes.

Then, depending on when the acquisition actually finalises (sometime in mid-to-late 2026), Netflix will either introduce HBO Max as an add-on immediately, or wait until the next regular price increase cycle.

For Sky customers specifically, if HBO Max remains a separate service and stays bundled with Sky packages, things might not change much initially.

But if Netflix absorbs HBO Max and then charges Sky significantly more for access to that premium content library, you can bet those costs will get passed on to subscribers through Sky price rises.

The Bigger Picture: Is Consolidation Good or Bad?

Let’s step back and look at what this means for UK streaming more broadly.

For years now, viewers have been complaining that there are too many streaming services. “I need Netflix for Stranger Things, Disney+ for Star Wars, Prime Video for The Grand Tour, NOW for Sky Atlantic shows, Paramount+ for Star Trek. It’s getting ridiculous and expensive.”

Well, congratulations – the industry heard you. We’re now heading back towards massive consolidation. Disney absorbed Hulu. Paramount merged with Skydance. And now Netflix is swallowing Warner Bros and HBO Max.

Within a few years, we’ll probably be down to three or four mega-corporations controlling the vast majority of streaming content. Netflix will be absolutely dominant. Disney will have its empire of franchises. Amazon will keep doing whatever Amazon does. Maybe one or two others survive (like Apple TV, which doesn’t really need the money).

Sound familiar? It should. It’s basically traditional pay-TV all over again, just delivered over the internet rather than via a satellite dish or cable box.

The one advantage we have over the old cable TV days is the ability to cancel subscriptions whenever we want, without lengthy contracts or cancellation fees.

Though even that’s starting to erode – services increasingly offer discounts for annual subscriptions, which effectively lock you in for a year. How long before monthly subscriptions become less attractive or even disappear entirely?

Yes, having fewer streaming services means fewer apps to navigate and fewer separate bills to manage. But it also means less competition, which inevitably leads to higher prices and potentially less innovation.

When three or four companies control everything, what incentive do they have to keep prices reasonable or to take creative risks?

Sky’s situation illustrates the challenge facing traditional broadcasters. They already bundle Netflix into most of their packages because that’s what customers want.

Now Netflix owns HBO content too. If Sky customers primarily want Netflix/HBO content, why bother with the Sky middleman at all? Why not just subscribe to Netflix directly?

Sky’s answer has to be original content and sports. Make programmes that can only be watched on Sky. Maintain strong sports coverage that Netflix might not want to keep paying for.

And hope that British viewers’ appetite for local content – their own soaps, dramas, reality shows, and news – keeps them coming back.

The potential ITV acquisition would help with that enormously, giving Sky access to some of Britain’s most-watched programmes and a production infrastructure that churns out hits.

But that deal is still very much up in the air and faces its own regulatory hurdles.

What Happens Next?

The short answer is: we wait.

This deal needs regulatory approval, which will take at least a year, possibly longer. Competition authorities in the US, UK, and Europe will scrutinise whether Netflix acquiring these assets creates an unhealthy monopoly in streaming.

There are already concerns being raised – cinema trade groups are worried about the impact on theatrical releases, politicians are questioning whether this concentrates too much media power, and Paramount has been complaining about the sales process.

HBO Max should still launch in the UK in March 2026 as planned, because the deal won’t be complete by then. But what happens after that depends on regulatory approval, Netflix’s decisions, and how they choose to integrate these assets globally.

As the deal progresses and Netflix starts making decisions about how to handle HBO Max and TNT Sports, things will shift. Prices will almost certainly go up – either through direct Netflix increases or through Sky raising prices to cover higher content costs.

The number of separate streaming services might decrease, but your monthly entertainment bill probably won’t.

One thing’s for certain though – the streaming wars just got a lot less crowded, and Netflix is now absolutely massive.

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