Warner Bros. Discovery

American multinational mass media and entertainment conglomerate formed in April 2022 through the merger of WarnerMedia and Discovery, Inc., operating brands including HBO, Max, CNN, Warner Bros., Discovery Channel, HGTV, and Food Network. The company announced a planned split into two separate companies in June 2025.

Company Type

public

Founded

2022

Headquarters

New York City, New York, USA

Stock

NASDAQ: WBD

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a publicly traded American media and entertainment conglomerate formed in April 2022 through the merger of WarnerMedia and Discovery, Inc. In June 2025, the company announced a plan to split into two separate publicly traded companies: Warner Bros. (streaming, studios, HBO/Max) and Discovery Global (linear TV networks). The split is expected to complete in mid-2026 and is structured to be tax-free.

History of Warner Bros. Discovery

Warner Bros. Discovery's history draws on the long histories of its predecessor companies. Warner Bros. was founded in 1923 by the four Warner brothers and became one of Hollywood's major studios, producing iconic films and television series over a century. HBO was founded in 1972 as one of the first premium cable channels. CNN was founded by Ted Turner in 1980 as the world's first 24-hour news network. Discovery Channel was founded in 1985 as a factual programming cable channel.

Time Warner, the parent company of Warner Bros., HBO, CNN, and Turner networks, was acquired by AT&T in June 2018 for approximately $85 billion in a transaction that was controversial and faced regulatory opposition. AT&T renamed the division WarnerMedia and attempted to integrate it with its telecommunications business, but the combination proved difficult to manage and AT&T ultimately decided to spin off WarnerMedia.

Discovery, Inc. had grown through the 1990s and 2000s through acquisitions of factual and lifestyle cable networks, building a portfolio that included Discovery Channel, TLC, Animal Planet, HGTV, Food Network, and Eurosport, among others. Discovery acquired Scripps Networks Interactive (owner of HGTV and Food Network) in 2018 for approximately $14.6 billion.

In May 2021, AT&T announced it would spin off WarnerMedia and merge it with Discovery, Inc. The transaction was structured as a Reverse Morris Trust, with AT&T shareholders receiving shares in the new combined company. The merger closed on April 8, 2022, creating Warner Bros. Discovery with David Zaslav, the former CEO of Discovery, leading the combined company.

Under Zaslav's leadership, Warner Bros. Discovery pursued aggressive cost-cutting and content rationalization. The company cancelled the nearly completed Batgirl film in August 2022, writing off approximately $90 million in production costs, a decision that generated significant controversy. The company also removed numerous titles from its streaming platforms and reduced content spending.

In May 2023, Warner Bros. Discovery launched Max, a rebranded and combined streaming service that brought together HBO Max and Discovery+ content under a single platform. Max launched in the United States in May 2023 and expanded internationally through 2024.

In FY2024, Max reached approximately 116 million global subscribers, and the direct-to-consumer segment achieved profitability for the full year. However, the company's linear TV networks continued to face headwinds from cord-cutting, resulting in the $9.1 billion goodwill impairment charge.

In June 2025, Warner Bros. Discovery announced the planned split into Warner Bros. and Discovery Global, reflecting the diverging business models and investor bases of the streaming/studio business versus the linear TV network business.

Brands Owned by Warner Bros. Discovery

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Warner Bros. Discovery owns 18 brands in our database. Showing featured brands below.