HBO Max is raising prices across all subscription plans, effective October 21, 2025, for new customers and at next-cycle renewals for existing users. The increase—its third in less than two years—comes as parent company Warner Bros. Discovery (WBD) begins a formal review of “strategic alternatives,” including a potential sale or restructuring of its entertainment assets.

Under the new pricing, HBO Max Basic With Ads now costs $10.99 per month (up $1) or $109.99 per year (up $10). Standard (Ad-Free) increases to $18.49 per month (up $1.50) or $184.99 per year (up $15). Premium, which includes 4K and download features, rises to $22.99 per month (up $2) or $229.99 per year (up $20).

The new prices apply immediately to new subscriptions, while existing monthly subscribers will see increases on their first renewal after November 20, 2025. Annual subscribers will pay the higher rates upon renewal.

This marks HBO Max’s third consecutive annual price adjustment, following increases in January 2023 and June 2024. The service also reverted to its original HBO Max name in July 2025 after a two-year rebrand as “Max.”

The timing aligns with a major corporate update from WBD’s board of directors, which confirmed the company has initiated a review of strategic alternatives to maximize shareholder value. The announcement noted unsolicited interest “from multiple parties for both the entire company and Warner Bros.” Options include continuing its planned 2026 split of Warner Bros. and Discovery Global or pursuing a sale of part or all of the business.

At the Goldman Sachs Communacopia & Technology Conference in September, CEO David Zaslav called HBO Max “way under-priced” and signaled that price increases were inevitable as the company focused on improving streaming margins. The comments now appear prescient, with the new pricing and the strategic review advancing in tandem as WBD reassesses its growth and valuation strategy.

INSIDER TAKE

For subscription executives, HBO Max’s latest price increase highlights the streaming sector’s shift from growth at all costs to ARPU-driven profitability. With subscriber gains slowing and content costs rising, streamers are testing how far they can push pricing before churn accelerates. WBD’s timing is strategic: HBO’s prestige brand and deep library provide the pricing power needed to absorb increases while minimizing attrition.

The concurrent strategic review adds context for investors and executives alike. By boosting recurring revenue and strengthening unit economics, WBD may be positioning HBO Max as a more attractive stand-alone asset or spin-off. Across the subscription economy, this marks another inflection point: streaming services are no longer chasing scale—they’re engineering sustainable revenue models that prove their long-term value.