Warner Bros. Discovery, Inc. (WBD)

Warner Bros. Discovery is a global media and entertainment company that creates and distributes content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products. Its brands include Discovery Channel, HBO Max, HBO, CNN, DC Studios, TNT Sports, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, and Turner Classic Movies. The company says it owns one of the largest collections of content in the world, spanning sports, news, lifestyle, and entertainment. Its stated strategy is to grow streaming globally, strengthen its Studios segment, and manage its linear networks. Revenue comes from distribution fees (including from cable, satellite, telecom, and digital providers, and direct-to-consumer subscriptions), advertising, content licensing and sales, and other sources such as studio tours and production services.

The company reports three segments. Streaming includes HBO Max, discovery+, premium pay-TV such as HBO, and certain premium sports streaming products. It had 131.6 million subscribers at December 31, 2025, and HBO Max is available in over 100 markets. Distribution, advertising, and content were 87%, 9%, and 4% of the segment's 2025 revenue. Studios includes Warner Bros. Pictures, New Line Cinema, Warner Bros. Pictures Animation, DC Studios, Warner Bros. Television and Unscripted Television, Warner Bros. Animation, Cartoon Network Studios, consumer products, themed experiences, DC Comics publishing, content licensing, home entertainment, and Warner Bros. Games. Its films and television shows are released in theaters, licensed to third parties, and sold in physical and digital formats. Games is focused on Harry Potter, Game of Thrones, DC, and Mortal Kombat. Content and other revenues were 93% and 7% of segment revenue. Global Linear Networks includes U.S. entertainment, lifestyle, and news networks such as TNT, TBS, TCM, OWN, HGTV, Food Network, TLC, Discovery Channel, Adult Swim, and CNN, plus international networks and sports brands. Distribution, advertising, content, and other revenues were 55%, 36%, 7%, and 2% of segment revenue.

Customers include cable, satellite, telecom, and digital distributors, advertisers, streaming subscribers, moviegoers, television and SVOD licensees, and consumers of home entertainment, games, and themed experiences. TNT Sports holds U.S. rights with partners including the College Football Playoff, the NCAA men's basketball tournament, MLB, NHL, and NASCAR. In Europe, WBD Sports includes Eurosport and TNT Sports UK and Ireland, with Olympic Games rights for 2026-2032. TNT Sports also operates in Latin America. Industry headwinds include declining linear subscribers, a soft U.S. linear advertising market, growing digital ad inventory, and possible tariffs that could raise production costs.

The company competes with other content producers, television networks, streaming services, studios, and social and free video platforms for talent, content, distribution fees, advertising, and audiences. Its position depends on its content, ratings, and distribution agreements. It protects its intellectual property, including copyrights, trademarks, patents, and technology platforms, through legal and technological measures and an anti-piracy team. In 2025 it announced plans to separate into two public companies, Warner Bros. and Discovery Global. On February 27, 2026, it terminated its merger agreement with Netflix and agreed to be acquired by PSKY for $31.00 per share in cash, subject to approvals and closing conditions.