Warner Bros. Discovery: Max Details Revealed With U.S. Launch Set for May 23

Warner Bros. Discovery finally disclosed details about its combined streaming service now called Max at a press briefing on April 12. Max will combine the two current platforms, HBO Max and Discovery+, into one platform that will launch on May 23 in the United States. As we expected, pricing will remain the same at $10 per month for the ad-supported tier and $16 per month for the ad-free tier. In a surprising move, however, management decided to move 4K content out of the standard tier and into a third plan at $20 monthly called “Max Ultimate Ad Free.” As previously disclosed, Discovery+ will remain as a standalone service at the current price. We are maintaining our $30 fair value estimate.