How the HBO and Showtime Merger is Changing the Premium TV Landscape, According to Robert Greenblatt

Paramount and Warner Bros. Discovery Merge, Signaling a New Era for Streaming

On Friday, Paramount announced a merger agreement to acquire Warner Bros. Discovery, a move set to unify two significant players in the streaming landscape: HBO Max and Paramount+. This merger will also bring together Warner Bros. and Paramount film studios, as well as Warner Bros. Television and CBS Studios. Amid discussions of the merger, little focus has been placed on the implications for Showtime, HBO’s long-time competitor in the premium television market.

In recent years, Showtime experienced a significant scaling down under the previous Paramount leadership. While Warner Bros. Discovery revitalized HBO Max by reinstating the "HBO" branding last May, Paramount took a different route in June, dropping "Showtime" from the highest subscription tier of its streaming service, rebranding it from Paramount+ With Showtime to Paramount Premium.

Robert Greenblatt, former executive at both HBO and Showtime, recognized the importance of the HBO-Showtime dynamic within the merger discussions. Having executive produced the acclaimed HBO series Six Feet Under, Greenblatt later served as President of Entertainment for Showtime, where he significantly enhanced the network’s standing.

“When I first went to run Showtime in 2003, while I was still producing Six Feet Under at HBO, I was not held in the best regard by some of the people at HBO simply because of the competition,” Greenblatt remarked. He went on to build Showtime into a formidable rival for HBO, highlighting the competitive spirit that animated both networks during their peak years.

The rivalry between HBO and Showtime dominated the landscape of premium original programming until the emergence of Netflix. From the mid-2000s to the late 2010s, Showtime challenged HBO’s supremacy, competing fiercely for awards with acclaimed shows like The Sopranos and Game of Thrones from HBO, alongside Showtime’s Dexter and Homeland.

As the two networks diverged in their trajectories, Greenblatt transitioned in 2019 to chair WarnerMedia Entertainment, playing a crucial role in the launch of HBO Max. “HBO continued to flourish… it was my supreme pleasure to finally be there in 2019 overseeing it as well and rightfully putting the HBO name out in front,” he said, emphasizing the brand’s unparalleled reputation.

Concerns surrounding HBO’s future following the merger arose quickly. However, Paramount CEO David Ellison reassured stakeholders, stating, “HBO should stay HBO," lauding Casey Bloys, Chairman and CEO of HBO and HBO Max Content, for their exceptional performance.

Ellison confirmed plans for HBO to maintain operational independence, allowing it to continue excelling in its programming. Current HBO hits include House of the Dragon, The White Lotus, The Last of Us, and The Gilded Age.

Greenblatt has remained active in the industry, having produced The Gilded Age at HBO after his exit from HBO in August 2020. Showtime’s current offerings include the Dexter revival, The Agency: Central Intelligence, and the final seasons of The Chi and Yellowjackets.

While both HBO and Showtime now thrive primarily on streaming, they continue to operate as linear networks, generating substantial revenue from existing carriage agreements. This strategic advantage could allow Paramount to leverage both brands in negotiations with cable and satellite providers.

Reflecting on their storied past, Greenblatt noted the irony of former rivals coexisting under the same corporate umbrella. “I love the irony that the once-competitive David and Goliath are now living under the same roof,” he said, adding a hopeful sentiment regarding HBO’s enduring legacy in an ever-consolidating industry.