Skydance and Movistar Plus Join Forces on Co-Branded Originals in a Major Expansion of Their Spanish Alliance

Streaming has turned into a global chess game, and the biggest moves are often made far from Hollywood. Local-language series have become some of the most valuable properties in the business, and the companies that control distribution are racing to lock up the talent behind them. This week at the MIPCOM market in Cannes, one of those moves came into focus.

Skydance and Movistar Plus, Spain’s biggest pay TV and streaming operator, announced they are expanding their strategic alliance into co-branded original series. The agreement is a new 2-year global deal that builds on an existing distribution relationship and adds co-development and co-production. Variety called it a coup for both sides, and for good reason.

At the heart of the deal is a new joint label, Movistar Plus and HBO Original. The companies will co-develop and co-produce select Spanish series under that banner, which will premiere simultaneously on Movistar Plus and HBO Max in Spain and in key HBO Max territories worldwide. HBO Max and Skydance will handle global distribution.

The initial slate has a recognizable name attached. ‘Veredicto’ comes from an original idea by Spanish true-crime specialist Carles Porta and is produced in collaboration with Ikiru Films, the company behind ‘Tad Jones and the Magic Lamp’, and Luminol Media. A second series from Porta and the production company Los Moriarti, whose credits include ‘Maspalomas’, ‘Marco’ and ‘The Endless Trench’, stars Anna Castillo, Pol López and Eduard Fernández.

Spanish trade coverage noted that both projects had already been announced. The new label means they will now carry the joint branding and international reach that comes with it. That is a meaningful upgrade for series that might otherwise have stayed largely in the domestic market.

The expanded alliance goes well beyond originals. It continues to cover streaming, television channels, film and sports rights, with Movistar Plus keeping HBO Max integrated into its platform. Customers will continue to get HBO Max’s catalog within the Movistar Plus experience, and the deal also extends to select Skydance TV channels, major Warner Bros. theatrical releases and new content agreements.

Reports say the HBO Max integration, which dates back to 2024, will also reach the O2 service. Artwork accompanying the announcement showed titles such as ‘Lanterns’, ‘Supergirl’, ‘FBI’, ‘House of the Dragon’ and ‘The Gilded Age’, a reminder of how much Skydance-controlled programming flows through the Spanish platform.

The timing matters. According to C21, this is the first strategic agreement Skydance has announced since Paramount Skydance completed its acquisition of Warner Bros. Discovery this month, a deal that brings brands such as HBO, HBO Max, Warner Bros., Paramount and CBS under one roof. Variety similarly described it as one of the first announced by David Ellison’s company after the merger.

That makes the Movistar Plus pact something of a statement about how the combined company plans to operate abroad. Rather than relying only on global flagships, it is leaning into local partnerships and local talent. For Movistar Plus, the alliance offers scaled international distribution and valuable co-financing, which can give prized creators the resources to make the series they want.

Alessandro Araimo, Skydance’s managing director and executive vice president for Southern Europe, said in the announcement, reported by Variety, that the partnership would bring Spanish viewers influential franchises and “original productions with the potential to become global phenomena.” He added that both companies share the ambition to support a new generation of creators and storytellers.

Movistar Plus CEO Alfonso Gómez Palacio said the agreement strengthens a long-standing relationship and lets the platform keep offering customers one of the most comprehensive entertainment propositions in the market. The companies said the initiative is intended to expand the reach of Spanish productions and give local creative talent new opportunities for international exposure.

Movistar Plus, owned by Telefónica, has built a reputation for prestige drama. In recent years it has produced 10 to 11 series a year, and its originals ‘Querer’ and ‘Celeste’ won the two biggest prizes at Series Mania in 2025. A partnership with HBO Max gives that ambition a much bigger megaphone.

For global audiences, the deal could mean more Spanish series with the polish and reach of an HBO label, at a time when non-English content regularly breaks out worldwide. It is also a sign that the streaming business is entering a new phase, with co-productions replacing pure licensing as the preferred model. Whether ‘Veredicto’ becomes the next international hit remains to be seen, but the infrastructure is now in place.

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