How Will HBO Change Under Netflix?

In 2012, Netflix co-ceo Ted Sarandos infamously said the company’s aspiration was to “become HBO before HBO becomes us.” But with the streaming giant set to spend $83 billion to acquire what it once aspired to be, it raises the question of how the two will coexist.

Netflix’s integration of the prestige cable brand and streaming service marks the company’s biggest challenge yet, as it’s never had to deal with an acquisition of this size. It also represents a new chapter for HBO, which has been tossed around between multiple corporate owners, including Time Inc. and AT&T, and has seen its streaming strategy shift several times. Since 2022, it…