Is Max fully replacing HBO Max?

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Yes. With the launch of Max, HBO Max has been folded into the new service.

Is the new service worth it?

It's impossible to review Max.com/providers so early, but the service seems to be a continuation of HBO Max in every way.

The prices are comparable, though you'll have to shell out a bit more for 4K streaming. Considering the extra content you get with Discovery titles being added, that's not a bad trade-off. Assuming a user experience similar to HBO Max, this is definitely going to be a contender in the streaming wars.