The company instead will likely package HBO, sister channel Cinemax and the library of Warner Bros. TV shows and movies into one offering at a price of between $16 and $17 a month, the Journal said, citing people familiar with the matter.
The subscription service will debut in "beta" form later this year and is expected to be fully up and running as early as next March, the Journal said.
WarnerMedia is also considering rolling out an ad-supported version of the streaming service-at a cheaper price-later in 2020, the Journal said. It is unclear what the content makeup of that version would be. Later on, WarnerMedia could add an additional premium option for people to watch live events or sports.
Discussions around pricing and content are still fluid, and plans could still change. Top executives across WarnerMedia are scheduled to gather in New York next week and details of the as-yet-unnamed streaming service will be discussed, the Journal said.
AT&T took ownership of Warner Bros. film studio, HBO and other TV content nearly a year ago when it bought Time Warner, later renaming it to WarnerMedia.
Shares of AT&T were up 1.4% to $32.12.