Who Owns HBO Max?

Max operates under Warner Bros. Discovery's comprehensive sustainability framework, which includes ambitious climate impact initiatives and responsible entertainment practices. WBD is committed to operating responsibly and efficiently through resilient practices that support both business competitiveness and environmental health.

The company has made significant progress in reducing greenhouse gas emissions, reporting approximately 1.36 billion kg CO2e in 2024, down from 1.44 billion kg CO2e in 2023. Warner Bros. Discovery focuses on climate impacts relevant to the media industry where it has the most opportunity to make progress, including operational energy efficiency, renewable energy investment, and sustainable production practices.

WBD has implemented initiatives aligned with the Task Force on Climate-related Financial Disclosures (TCFD) guidelines, engaging third-party analysts to assess climate-related physical and transition risks across operations, infrastructure, and supply chain. The company continues enhancing its capabilities to track robust datasets and prepare for future climate-related disclosure requirements.

Warner Bros. Discovery prioritizes sustainable workplace initiatives including green building certifications, operational efficiency improvements, renewable energy adoption, site consolidations to reduce carbon footprint, waste reduction programs, and water management practices. These efforts directly benefit Max's operational infrastructure and data center efficiency.

For sustainable productions, WBD focuses on five key areas: fuel, materials, waste, electricity, and reporting. The company implements practices to improve environmental performance of global productions, which impacts the content created for Max streaming. This includes reducing production-related emissions and creating more efficient content creation processes.

HBO Max has received significant recognition through its content achievements and Warner Bros. Discovery's industry leadership. In 2025, HBO and Max earned the most nominations for the 77th Primetime Emmy Awards, setting a record high with strong performances from "The Penguin" and "The White Lotus."

HBO and Max tied with Netflix for the most 2025 Emmy wins, led by "The Pitt" and "The Penguin." "The White Lotus" commanded 23 Emmy nominations, "The Last of Us" received 16 nominations, and "Hacks" continued its success with 14 nominations as the second most-nominated comedy.

Streaming Profitability Milestone: WBD's streaming business achieved a remarkable turnaround, swinging from $2 billion in losses to over $1 billion in profit. Full-year 2025 streaming profit reached $1.3 billion, up 115% Y/Y — representing a nearly $3 billion improvement over two years. This was acknowledged by industry analysts as a successful transition to sustainable streaming profitability.

International Growth Recognition: HBO Max's international expansion in 2026 — including launches in the UK, Ireland, Germany, and Italy — was recognized as a major strategic milestone. The UK launch was particularly significant, as the market had been inaccessible due to legacy distribution deals with Sky. Q1 2026 subscriber numbers exceeded internal forecasts, validating the rebrand back to HBO Max.

Content Performance: A Knight of the Seven Kingdoms averaged over 24 million viewers per episode globally. The Pitt grew 50% season-over-season and Industry grew 30%, demonstrating strong audience engagement. The upcoming Harry Potter series (2027) is anticipated as one of the most significant content investments in streaming history.

Rebrand Strategic Recognition: The decision to rebrand back to HBO Max in May 2025 was recognized as a bold strategic move, demonstrating WBD's willingness to iterate its approach based on consumer data and insights. CEO Zaslav's bet that the HBO brand would drive international growth was validated by Q1 2026 results exceeding forecasts.

HBO Max has faced several significant challenges and controversies, primarily related to business strategy changes, corporate restructuring, and user policy implementations rather than traditional product recalls.

Password-Sharing Crackdown (2025-2026): Warner Bros. Discovery announced plans to crack down on password sharing globally starting in 2026, following Netflix's successful model. The company revealed during its Q4 2025 earnings call that streaming limitations would expand globally, with messaging to consumers becoming more "aggressive" by end of 2025. The crackdown is expected to impact financial results starting in 2026.

Double Rebrand Confusion: The 2023 rebranding from HBO Max to Max created user confusion regarding content availability and value proposition. The subsequent rebrand back to HBO Max in summer 2025 — just two years later — created additional confusion, though WBD argued the HBO brand better represents the service's premium content proposition. Some industry observers questioned the cost and strategic rationale of two rebrands within three years.

Content Removal and Library Changes: Following the WarnerMedia-Discovery merger in 2022, the service faced criticism for removing content from the platform, including shows and films that were available on HBO Max. This content pruning strategy, while financially motivated, disappointed subscribers who lost access to favorite programming.

M&A Uncertainty (2025-2026): WBD's December 2025 agreement to sell studio and streaming assets to Netflix, followed by Paramount Skydance's competing bid for the entire company, created significant uncertainty for HBO Max subscribers and employees. The potential integration of HBO Max with either Netflix or Paramount+ raises questions about content availability, pricing, and platform continuity.

Loss of NBA Rights: WBD's loss of NBA broadcasting rights impacted advertising revenue (down 14% in Q4 2025) and domestic audience metrics (down 22%). The absence of NBA content on HBO Max and WBD's linear networks represents a significant competitive disadvantage against sports-carrying rivals.

Subscriber Reporting Transparency: WBD's decision to stop regularly reporting subscriber numbers after Q4 2025, following Netflix and Disney's lead, was criticized by some analysts as reducing transparency for investors and the public.

Regional Availability Issues: HBO Max has faced criticism for inconsistent content availability across different regions due to licensing agreements and regional restrictions, though the 2026 international launches in the UK, Ireland, Germany, and Italy have partially addressed this concern.