Paramount's potential $110 billion acquisition of Warner Bros. Discovery risks a breach of its SkyShowtime joint venture with Comcast. Industry sources suggest owning HBO Max would create a direct conflict in 21 of SkyShowtime's 22 European markets, likely violating the partnership agreement.
The platform currently serves over 9 million subscribers. Both Comcast and Paramount have reportedly invested at least $1 billion into the venture.
A dissolution of the partnership would jeopardize Comcast's international streaming strategy. The company currently relies on SkyShowtime as it has not deployed its Peacock service in most of these regions.