Now that Paramount Skydance has successfully beaten out Netflix to win the hand of Warner Bros Discovery (WBD), the existential question is what becomes of the two flagship streaming services—Paramount+ and HBO Max? There are many, many possibilities for how the adjacent content platforms could coalesce—and every single one of them will be a total mess. During an investors call at the beginning of this week, PSky CEO David Ellison commented, “We do plan to put the two services together, which today gives us a little over 200 million direct-to-consumer subscribers—we think that really positions us to compete with the leaders in the space.” This was a clear warning shot from Ellison across the bow of Netflix, though not a…