What Does Paramount-WBD Deal Mean for HBO's John Oliver and Bill Maher?

Last week, we discussed the implications of Paramount’s planned acquisition of Warner Bros. Discovery for live sports. In short, the deal would give Paramount arguably the strongest live sports portfolio in the industry.

Today, we turn to what the deal could mean for HBO’s two late-night political shows, "Real Time with Bill Maher" and "Last Week Tonight with John Oliver."

During a Monday investor call, Paramount CEO David Ellison said the company plans to merge Paramount+ with HBO Max while allowing HBO to continue operating independently.

"Casey Bloys and his team do a remarkable job at HBO," Ellison said. "We plan for that to operate with independence so that HBO can, candidly, do what it does incredibly well. Our viewpoint is HBO should stay HBO. They built a phenomenal brand. They are a leader in the space, and we just want them to continue doing more of it."

Ellison’s comments should ease some concerns about HBO’s future. Still, that does not mean there will be no changes. Oliver’s show is of particular interest.

On Sunday night, Oliver made clear he was unhappy about the planned acquisition.

"Yeah, not great news," he said. "In fact, if I may quote anyone who’s ever accidentally sat on their Roku remote, ‘Oh sht! I’m in Paramount now, how the fck do I get out of this?’"

Last September, Oliver also mocked the idea of Paramount taking over HBO. "Please stay the f*ck away from us. You are not my real business daddy, and you never will be!"

Oliver was also a vocal defender of Stephen Colbert after Paramount announced it would cancel his late-night show on CBS.

The consensus within the media industry is that Paramount wants to move away from white-hot liberal orthodoxy, as suggested by recent moves at CBS News. Oliver, meanwhile, has positioned himself as every bit as partisan as Colbert.

Maher presents a different case. Unlike Oliver, Maher may be more influential now than at any other point in his career. He is one of the few political commentators who regularly hosts guests from both sides and brands himself as an independent voice.

"Real Time" remains a key asset for HBO and its streaming business, often marketed alongside the latest "Game of Thrones" spinoff or DC Comics film.

Maher is under contract with HBO through 2028. Assuming he does not share Oliver’s disdain for Paramount, new ownership would likely explore an extension.

Put simply, the stocks of Maher and live sports are pointing up. Oliver's is not.

OutKick will next examine what Paramount ownership could mean for Warner Bros. Discovery’s CNN.