HBO originally launched Max at a time when almost every cable TV conglomerate was releasing their own streaming service, to compete with Netflix and Amazon Prime Video. In Warner Bros case, it had...

As of the year ending December 2021, HBO had earned around *** billion U.S. dollars from subscription revenue alone, up from **** billion in the previous year. Recent changes in the company’s ownership structure and method of reporting have meant that these numbers are somewhat difficult to directly compare to those recorded for previous years. HBO is a division of WarnerMedia Entertainment (formerly Time Warner, which was acquired by AT&T in 2018).

HBO's success HBO is a successful cable network which produces many of its own original series and documentaries in addition screening pay-per-view sporting events, comedy specials, and feature films. The network has produced some of the most popular and critically acclaimed shows in television history through titles like ‘Game of Thrones’, ‘The Wire’, ‘The Sopranos’, and ‘Band of Brothers’. HBO has accumulated hundreds of Primetime Emmy nominations in the past few years and often ranks at the very top in terms of awards won.

On-demand services In addition to its groundbreaking content, the company has also been quick to upgrade its platform to meet the changing demands of consumers. As of 2021 the company’s subscription video-on-demand service, HBO Max, had accumulated nearly ** million global viewers, establishing itself among the biggest names in the SVOD market.

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On June 14, 2018, Time Warner was acquired by multinational conglomerate AT&T, who subsequently renamed Time Warner ‘WarnerMedia’. AT&T reported WarnerMedia’s global operating income as **** billion U.S. dollars in 2020. Previous figures can be viewed for the purposes of tracking Time Warner’s income but due to being recorded pre-acquisition, cannot be compared to the company’s 2020 income.

What were the results of the AT&T-Time Warner acquisition?

The acquisition cost AT&T ** billion U.S. dollars, and allowed AT&T to greatly increase its media holdings which it can leverage to support and grow existing and future direct-to-consumer services. AT&T now also owns WarnerMedia Entertainment subsidiary HBO, which includes streaming services HBO Go and HBO Now. New service HBO Max will launch in 2020 featuring popular American sitcom ‘Friends’, which will be removed from rival platform Netflix for the occasion.

AT&T also reorganized its broadcasting assets by dissolving Turner Broadcasting and dispersing it across WarnerMedia – WarnerMedia Entertainment is now comprised of HBO, TNT, TruTV, and TBS, and will also include HBO Max. Meanwhile, Cartoon Network, Adult Swim and others were moved to Warner Bros. and all sports content now comes under WarnerMedia News & Sports. WarnerMedia generated between ***** and **** billion U.S. dollars in revenue in the quarters directly after the acquisition, and as such looks to be a lucrative investment for its new owner.