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Investing.com — Warner Bros. Discovery said Wednesday it is combining HBO Max and Discovery+ content to roll out a new streaming service called “Max” in May, as the company seeks to take the fight to streaming leaders Netflix (NASDAQ:NFLX) and Disney (NYSE:DIS).
Warner Bros Discovery Inc (NASDAQ:WBD) fell 2.8% in recent trade.
Max, which is expected to debut May 23, “offers consumers something truly distinct and appealing,” WBD CEO David Zaslav said at an event in Burbank, California. “It gives us a huge opportunity as a company,” he added
Warner Bros. Discovery, which had more than 96 million global streaming subscribers in Q4, said last month it is targeting 130M global subscribers by 2025, and expects its streaming business to break even by 2024, with $1 billion in profit by the end of 2025.
The new streaming service comes amid tough competition in the streaming space from rivals such as Netflix, Disney, Amazon (NASDAQ:AMZN), Paramount+ (NASDAQ:PARAA) and others.
