Warner Bros. Discovery

What does Warner Bros. Discovery own?
Warner Bros. Discovery owns Max (streaming service), HBO, Warner Bros. film and TV studios, DC Comics, CNN, Discovery Channel, HGTV, Food Network, TLC, Animal Planet, TNT, TBS, Adult Swim, Cartoon Network, Eurosport, and numerous other media brands. The company is under agreement to be acquired by Paramount Skydance for approximately $111 billion, expected to close in early October 2026.

Is Warner Bros. Discovery splitting up?
No. The company announced a split into Warner Bros. and Discovery Global in June 2025, but the plan was superseded when Paramount Skydance agreed to acquire the entire company. As of September 2026, the acquisition was in the final stages of closing following Paramount's settlement of a state attorneys general antitrust lawsuit.

What is Warner Bros. Discovery's annual revenue?
In FY2025, Warner Bros. Discovery reported revenue of approximately $37.3 billion, a 5% decline from FY2024, and net income of approximately $727 million, a return to profitability after the prior year's impairment-driven loss.

Who is the CEO of Warner Bros. Discovery?
David Zaslav serves as President and CEO of Warner Bros. Discovery. He previously served as CEO of Discovery, Inc. before the 2022 merger and has led the combined company since its formation.

When was Warner Bros. Discovery formed?
Warner Bros. Discovery was formed on April 8, 2022, through the merger of WarnerMedia (which AT&T had acquired as Time Warner in 2018 and subsequently spun off) and Discovery, Inc.

What is Max?
Max is Warner Bros. Discovery's flagship streaming service, launched in May 2023 as a rebranded and combined version of HBO Max and Discovery+. Max offers HBO's premium scripted drama alongside Discovery's factual and lifestyle content. The service reached approximately 116 million global subscribers in 2024 and achieved full-year profitability in 2024.

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. The split plan was later abandoned when Paramount Skydance agreed to acquire the entire company for approximately $111 billion; as of September 2026 the acquisition was in the final stages of closing after Paramount settled state attorneys general antitrust claims.

Warner Bros. Discovery has faced significant criticism for its content strategy under CEO David Zaslav, particularly the decision to cancel the nearly completed Batgirl film in August 2022 and write it off as a tax deduction rather than releasing it. The decision was widely criticized as prioritizing short-term financial engineering over creative investment.

The company has also faced criticism for removing numerous titles from its streaming platforms, including original content that had been produced specifically for HBO Max, as part of its cost-cutting strategy. Critics argued that the removals damaged the value of the streaming service and the careers of the creators involved.

The $9.1 billion goodwill impairment charge in FY2024 reflected the significant decline in the value of the company's linear TV network assets since the 2022 merger, raising questions about the strategic rationale for the original WarnerMedia-Discovery combination.