One thing to keep in mind is the streaming model hasn't been successfully proven yet in the way that HBO Max is trying to go. Netflix's streaming model was good unil they needed to start creating their own content to gain/keep subscribers because the content owners started pulling their material from Netflix's platform. These are two different models and have different impacts on revenue.
The first model which involves having a service provide access to already created content is cheaper and does not require much cash burn. The second model which involves creating content for the service has a major negative effect on cash burn. We know this because Netflix is spending almost as much as it brings in and they are having more frequent rounds of fund raising to offset its debt load.
I can't wait to see this thing really play out because there is a reason that all the other cash strapped studios aren't pulling this streaming move. Best believe, if streaming was that great of a deal to the studios, we wouldn't be having this conversation because everyone would have already jumped ship onto it