HBO Max & Paramount+ Merger to Dominate Unscripted

By BlockReel Editorial Team Industry Insights May 9, 2026

So, another day, another industry titan sizing up the competition and deciding a bigger piece of the pie is better, isn't it? The proposed merger of HBO Max and Paramount+ following Paramount’s planned takeover of Warner Bros. isn't just about combining prestige dramas or cinematic universes. No, indeed. For those of us who track the often-overlooked, yet steadfastly profitable, corners of the television landscape, this union casts a long shadow over the unscripted market, echoing the broader antitrust concerns guilds have already flagged to the Senate about the Warner Bros. sale. What started as mere speculation has now crystallized into projections, with analysts suggesting this merged streaming entity would, rather definitively, dominate the unscripted content game.

Paramount CEO David Ellison, back in March, laid out his vision for a combined platform boasting over 200 million subscribers. The initial buzz (or perhaps, trepidation, depending on your corner office) naturally centered on how the high-gloss offerings would fare: HBO's _The White Lotus_ alongside Paramount's Taylor Sheridan library like _Landman_, or _Harry Potter_ meeting CBS mainstays such as _Tracker_. But while executives huddle to negotiate intellectual property valuations for marquee scripted content, the unsung heroes of engagement, those perpetually underappreciated unscripted and reality shows, are set to become a linchpin.

Research from Parrot Analytics, hot off the presses for the first quarter of 2026, posits a striking hypothetical: if these two services had already been merged, their combined entity would command a 25.1% share of demand for unscripted content across SVOD platforms. That's a quarter of the market, folks. To put that into perspective, the combined Hulu and Disney+ would sit at 22.3%, Netflix at 14.9%, Prime Video at 13.3%, and Peacock trailing with 11%. Alone, HBO Max held 18.7% of that demand, with Paramount+ contributing a solid 6.5%. These aren't minor shifts; these are tectonic plates grinding.

Chris Hamilton, Industry Insights Manager at Parrot Analytics, articulated the underlying economic truth about unscripted fare, noting that while "prestige scripted series often get the headlines, unscripted content provides the low-cost engagement bedrock that makes these massive platform combinations financially viable." It's a sentiment many of us have heard echoed, perhaps off-the-record, in countless strategy meetings over the years. Scripted programming gets you the Emmy nominations and the critical acclaim, but unscripted keeps the lights on by providing consistent, often bingeable, viewing habits that studios can monetize with far less overhead. The math behind that monetization is brutal at the talent level, as illustrated by the one-cent residual saga playing out across the streaming economy.

Yet, a curious paradox emerges from this data. The individual services haven't exactly been throwing money at original unscripted content in recent times. HBO Max, for instance, scaled back its original unscripted orders largely post-2022. Its unscripted slate now largely comprises titles from its cable network brethren: TLC's ubiquitous _90 Day Fiancé_ universe, TBS's _Impractical Jokers_, Discovery staples like _Naked and Afraid_, and the seemingly endless reservoir of true-crime docs from Investigation Discovery. It's a sensible, if not particularly ambitious, strategy: lean on the existing library, keep production costs manageable with known IP, and let others do the heavy lifting of development.

Jason Sarlanis, President, TBS, TNT, truTV, ID & HLN, Linear & Streaming at Warner Bros. Discovery, recently indicated that he remains "open for business," even amidst the ongoing restructuring that will see Discovery Global spun off. He cited shows like TBS's _Foul Play with Anthony Davis_, a spin-off from the _Impractical Jokers_ universe, as an example of the kind of content they're still exploring. It speaks to a cautious, almost surgical, approach to commissioning, looking to expand existing franchises rather than gamble on entirely new formats. Sarlanis also highlighted how Investigation Discovery has transcended its linear roots, becoming "a content engine for streaming," using the linear network as a "barker" to drive audiences to the digital platform. This pivot is indicative of the industry's broader movement, where linear channels become promotional vehicles for their streaming counterparts.

Sarlanis's observation that "What was the bread and butter of high-volume, in some ways, low-cost cable has been totally consumed now by content creators" is particularly telling. It points to a landscape where the traditional gates of entry have blurred, and while the "low-cost" aspect remains seductive, the sheer volume of content now required to feed the streaming beast necessitates a more diversified approach to production and acquisition.

Paramount+, on the other hand, only recently re-entered the original unscripted commissioning arena after Ellison's ascendance, notably with the dating reality series _Making Love_ and Kim Kardashian-produced _Team Moms_. Before that, its unscripted roster heavily relied on long-standing CBS hits like _Big Brother_, _The Amazing Race_, and, of course, the perennial _RuPaul’s Drag Race_. These are proven cultural touchstones, shows with dedicated fanbases that migrate readily to streaming platforms.

Mitch Graham, EVP, Alternative Programming at CBS, underscored the network’s commitment to unscripted, noting the impending 50th season of _Survivor_ as a testament to its enduring strength. "It’s an exciting time," he said, indicating that "it’s always been a priority for us and something we’ll continue to invest in." CBS recently premiered new unscripted entries like Padma Lakshmi’s _America’s Culinary Cup_ and the Taylor Sheridan-produced _The Road_. Graham's candidness about the challenge of finding a new cooking show that would "connect with our audience" and "work on broadcast and streaming" highlights the ongoing struggle to develop formats that resonate across disparate consumption models. Ultimately, Graham's philosophy boils down to seeking "shows that have got universal themes and great storytelling," allowing audiences to "connect with these players and the journeys they go on." A rather astute, if foundational, principle, wouldn't you say? Especially when the current climate often prioritizes novelty over narrative integrity.

Notably, Parrot Analytics' methodology for tracking demand goes beyond simple viewership, incorporating a mix of video consumption, social media engagement, and "research actions" like reading about new shows. This holistic approach attempts to capture the true cultural footprint, rather than just raw numbers. Even with this broader metric, the two services that currently lead the unscripted demand are _The Voice_ (NBC, streaming on Peacock) and _Survivor_ (CBS, streaming on Paramount+). _The Voice_ reportedly had nearly 45 times more demand than the average title, with _Survivor_ commanding 38 times more. Rounding out the top three was Bravo’s _Summer House_, streaming on Peacock, at 36 times the average.

The metrics even include late-night and current affairs programs, such as _The Daily Show_, _Last Week Tonight with John Oliver_, _The Late Show with Stephen Colbert_, and _60 Minutes_ boosting the Paramount+/HBO Max figures, while _The Tonight Show_ contributes to Peacock and _Jimmy Kimmel Live!_ bolsters Disney’s numbers. This expanded definition of "unscripted" is a significant departure from what many filmmakers in the traditional documentary space or reality TV would typically consider. It underscores the broader industry trend of collapsing categories for the sake of market dominance, a maneuver that feels both strategic and, dare I say, a touch convenient.

So, what does this actually mean for those of us navigating the trenches of development, production, and distribution?

* A Content Juggernaut: A combined HBO Max/Paramount+ will undoubtedly possess an unparalleled library depth. For creators of unscripted content, this could mean an easier path for existing IP to find a new home, as the combined entity seeks to fill its vast platform. The sheer volume of titles required to satisfy 200 million subscribers is staggering. * Shifting Priorities: While the rhetoric around "low-cost engagement bedrock" is clear, there's always the question of where investment truly lands. Will the new entity aggressively commission new, bold unscripted formats, or will it lean even harder on the established, low-risk franchises that have proven their worth on linear television? Sarlanis's comments about seeking "companions" for existing shows, rather than entirely new intellectual property, suggest a conservative approach. * Consolidation's Double Edge: For independent creators and smaller production houses, a dominant platform can be both a blessing and a curse. On one hand, it represents a potentially massive buyer. On the other, it consolidates power, potentially leading to fewer diverse commissioning voices and stricter terms, a dynamic we mapped in detail in The Netflix Monolith. When one entity controls such a significant market share, the negotiating table looks a bit different. One might ask, what truly happens to the ecosystem for new voices when the gatekeepers become so few? * The Unscripted "Content Engine": The strategy of using Investigation Discovery as a "content engine" where linear serves as a promotional "barker" for streaming suggests a model that could be replicated across other unscripted brands within the merged entity. This hybrid approach to content delivery becomes critical, blurring the lines that once clearly separated broadcast, cable, and streaming. Genre Agnosticism: Graham’s “genre-agnostic” approach at CBS, focusing on universal themes and great storytelling, should be a valuable reminder for anyone pitching new unscripted concepts. With platforms actively blurring the lines between news, late-night, and traditional reality, the core appeal remains human connection and compelling narratives, regardless of sub-genre. The question for us becomes, how do we deliver* that with ingenuity within a system that's increasingly incentivized to play it safe?

This impending merger isn't just a corporate reshuffle; it's a strategic re-alignment that will reshape where and how unscripted content is developed, financed, and consumed. The dominance projected by Parrot Analytics points to a future where, for better or worse, two major players will dictate a significant portion of the unscripted landscape. For professionals in the trenches, it means closely watching which unscripted formulas are prioritized, which are starved, and how one adapts their creative vision to fit the new, consolidated reality. It's a reminder that even in the pursuit of artistic expression, we're all, ultimately, playing within a market.

For further reading on the evolving dynamics of content creation and industry shifts, you might revisit our coverage of the WGA's tentative four-year deal addressing health and AI protections. The ongoing dialogues about the financial viability of platforms and the role of creative labor often intertwine with these larger corporate maneuvers.

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