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The European Streaming Battleground

Saturday, 06 December 2025 22:42

Summary

Warner Bros. Discovery’s streaming service, HBO Max, is set to complete its long-awaited European rollout in the first quarter of 2026, launching in six key territories on January 13, 2026, and in the United Kingdom and Ireland in March 2026. This expansion is a crucial step in the company’s strategy to reach 150 million global streaming subscribers by the end of 2026. The launch is particularly significant in the UK, where WBD has transitioned its long-running, exclusive content deal with Sky into a new, non-exclusive partnership that will see Sky and NOW customers receive bundled access to the ad-supported tier of the service. The European debut will feature a deep library of HBO, Warner Bros., and DC content, alongside a slate of new local original productions and live sports, including the Olympic Winter Games Milano Cortina 2026. The entire operation is unfolding against the backdrop of a high-stakes corporate sale process, with Netflix emerging as the frontrunner to acquire WBD’s studio and streaming assets.

The Final Frontier of European Streaming

The streaming service from Warner Bros. Discovery (WBD) is scheduled to complete its major European rollout in the first quarter of 2026. The expansion begins on January 13, 2026, with launches in six new territories: Germany, Italy, Austria, Switzerland, Luxembourg, and Liechtenstein. This move is designed to bring the service to nearly full availability across the continent. Following this initial wave, the service is expected to debut in the United Kingdom and Ireland in March 2026. The launch marks the first time audiences in these countries will be able to access the combined content libraries of HBO, Warner Bros. Pictures, Warner Bros. Television, the DC Universe, and Max Originals all in one dedicated application. The European expansion is a vital component of WBD’s broader corporate objective to scale its direct-to-consumer business. The company has set an ambitious target of reaching at least 150 million global streaming subscribers by the end of 2026. As of the end of the third quarter of 2025, WBD reported a global streaming subscriber base of 128 million. The growth in international markets, where the company added 2.1 million subscribers in Q3 2025, is seen as the primary engine for achieving the 2026 goal. However, this international growth has also contributed to a decline in the global average revenue per user (ARPU), which dropped by 16% to $6.64 in Q3 2025, a consequence of expanding into lower-revenue territories.

The Content Arsenal and Local Investment

The content offering for the new European markets is built around the core pillars of the WBD portfolio. Subscribers will gain access to the full catalogue of HBO’s critically acclaimed series, including *House of the Dragon*, *The Last of Us*, *The White Lotus*, *Euphoria*, and the forthcoming *A Knight of the Seven Kingdoms*. The film library will feature blockbuster franchises such as *Superman*, *The Batman*, *Dune*, and the entire *Harry Potter* saga. Beyond the US-originated content, WBD is heavily investing in local original programming to appeal to regional audiences. For the German market, new HBO Originals include *4 Blocks Zero*, a prequel to the popular gangster drama *4 Blocks*, and *Banksters*, a heist drama based on a true story. German subscribers will also see a documentary from Beetz Brothers about the theft of the 'Big Maple Leaf' gold coin from Berlin’s Bode Museum, and a thriller series based on the dark *Struwwelpeter* tales from the creators of *Dark*. In Italy, the local slate features a drama about the 2011 murder of Melania Rea, a thriller titled *Portobello*, and two docuseries: *Gina Lollobrigida: Diva Contesa* and *Saman*. Furthermore, the service has secured output agreements in Germany with Leonine Studios and Constantin Film, ensuring a wide range of German and international cinema is available. A key differentiator for the European launch is the inclusion of live sports. All subscribers in the new markets will be able to stream the Olympic Winter Games Milano Cortina 2026, which runs from February 6 to 22. The platform will also offer a sports add-on, which includes major tennis events like the Australian Open and Roland-Garros, as well as live daily coverage of the Tour de France bicycle race.

The UK’s Distribution Pivot and the Sky Partnership

The launch in the United Kingdom and Ireland in March 2026 represents the culmination of a complex transition away from a long-standing exclusive licensing agreement. For years, the exclusive rights to HBO’s original series and Warner Bros. films in the UK were held by Sky, with content airing on Sky Atlantic and available on its streaming service, NOW TV. This exclusive deal was originally set to expire at the end of 2025. However, WBD and Sky successfully negotiated an expanded, long-term, and non-exclusive distribution and bundling agreement. This new arrangement extends the existing content deal until the service’s launch in early 2026. Under the terms of the new partnership, Sky and NOW customers will receive bundled access to the ad-supported version of the streaming service at no additional cost. This ensures that Sky subscribers retain access to existing franchises like *House of the Dragon* and *The Last of Us*, as well as future series of these shows. The new deal also resolved previous legal disputes between the two companies concerning the co-production aspects of the output deal and matters related to the *Harry Potter* series. Furthermore, Sky Media has been appointed as WBD’s advertising sales partner for both linear and streaming inventory in the UK and Ireland, beginning in January 2026. For non-Sky customers, the service will be available directly with three distinct subscription tiers: Basic with Ads, Standard, and Premium, along with an optional sports add-on.

A Corporate Sale and the Future of the Platform

The European expansion is unfolding during a period of profound corporate uncertainty for Warner Bros. Discovery. The media giant formally initiated a sale process for parts or all of its business in October 2025. The company’s studio and streaming assets, including the platform itself, have become the focus of a high-stakes bidding war. Netflix has emerged as the leading contender, entering exclusive negotiations after submitting the highest bid for the studio and streaming divisions. The reported value of Netflix’s all-cash offer for these key assets is approximately £53.1 billion ($70 billion). The bid also includes a reported $5 billion breakup fee, intended to mitigate the risk should regulators block the transaction. Rival bidder Paramount Skydance has publicly challenged the fairness of the sale process, alleging that WBD’s management has shown favouritism toward the Netflix proposal. Paramount’s CEO, David Ellison, argued that his company was the only bidder with a clear regulatory path to closing a deal. While WBD executives had hoped to conclude the sale process by late December 2025, any final transaction, particularly one involving a major industry consolidation like a Netflix acquisition, is expected to face rigorous scrutiny from antitrust regulators in the US and the European Union, potentially delaying the final outcome for at least a year.

Conclusion

The launch of HBO Max across Europe in early 2026 is a pivotal moment for Warner Bros. Discovery, representing the final, critical step in establishing a truly global direct-to-consumer platform. The success of this expansion is directly tied to the company’s financial health and its stated goal of reaching 150 million subscribers by the end of the year. By transitioning from exclusive licensing deals, such as the one with Sky in the UK, to a direct-to-consumer model supplemented by non-exclusive bundling, WBD is attempting to maximise both its subscriber reach and its control over its most valuable intellectual property. However, the entire European strategy is overshadowed by the ongoing corporate sale process. Should Netflix successfully acquire the studio and streaming assets, the European launch will serve as the foundation for a new, consolidated streaming powerhouse, one that would immediately command a dominant position in the global market. The 2026 rollout, therefore, is not merely a market expansion; it is a high-stakes commercial and strategic manoeuvre that will determine the future ownership and competitive structure of one of the world’s most valuable content libraries.

References

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