Warner Bros. Discovery, Inc.

American multinational media and entertainment company owning Warner Bros., HBO, CNN, Max streaming service, and Discovery networks, formed through the 2022 merger of WarnerMedia and Discovery.

Company Type

public

Founded

2022

Headquarters

New York, New York, USA

Stock

NASDAQ: WBD

Revenue

approximately $39.3 billion (FY2024)

Employees

Approximately 35,000

Primary Market

Global

About Warner Bros. Discovery, Inc.

What does Warner Bros. Discovery own?
Warner Bros. Discovery owns Warner Bros. film and television studios, HBO, Max streaming service, CNN, DC Comics, Discovery Channel, HGTV, Food Network, Animal Planet, Cartoon Network, TNT, TBS, and dozens of other media brands. The company also owns the Harry Potter/Wizarding World entertainment franchise and the Looney Tunes animation library.

Is Warner Bros. Discovery publicly traded?
Yes, Warner Bros. Discovery, Inc. is listed on NASDAQ under ticker WBD. The company was formed in April 2022 through the merger of WarnerMedia and Discovery. John Malone's Liberty Media holds a significant stake. David Zaslav serves as President and CEO.

Who founded Warner Bros. Discovery?
Warner Bros. Discovery was formed in April 2022 through the merger of WarnerMedia (spun off from AT&T) and Discovery, Inc. Warner Bros. itself was founded in 1923 by the Warner brothers. Discovery was founded in 1985. The merger was led by David Zaslav, who had been CEO of Discovery.

Where is Warner Bros. Discovery headquartered?
Warner Bros. Discovery is headquartered in New York, New York, USA. The company also has major operations in Burbank, California (Warner Bros. studios), Atlanta, Georgia (CNN), and London, United Kingdom (international operations).

How many brands does Warner Bros. Discovery own?
Warner Bros. Discovery owns dozens of media and entertainment brands across film, television, streaming, and news. Major brands include Warner Bros., HBO, Max, CNN, DC Comics, Discovery Channel, HGTV, Food Network, Animal Planet, Cartoon Network, TNT, TBS, and many others.

Who owns Warner Bros. Discovery?
Warner Bros. Discovery, Inc. is publicly traded on NASDAQ with a broad institutional and retail shareholder base. John Malone's Liberty Media holds a significant stake. David Zaslav serves as President and CEO. The remaining shares are held by institutional investors and public shareholders.

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History of Warner Bros. Discovery, Inc.

Warner Bros. was founded in 1923 by four brothers: Harry, Albert, Sam, and Jack Warner. The studio pioneered sound in film, producing The Jazz Singer in 1927, the first feature-length sound film. Warner Bros. became one of Hollywood's major studios, producing iconic films and television programs across a century of entertainment.

Warner Bros. was acquired by Time Inc. in 1989 to form Time Warner. Time Warner merged with AOL in 2000 in what became widely regarded as one of the worst corporate mergers in history. AOL was eventually separated from Time Warner in 2009.

AT&T acquired Time Warner in 2018 for approximately $85 billion, renaming the media assets WarnerMedia. The acquisition was intended to combine AT&T's distribution capabilities with WarnerMedia's content. However, the strategic rationale proved difficult to execute, and AT&T reversed course in 2021, announcing the spin-off of WarnerMedia and its merger with Discovery.

Discovery, Inc. was founded in 1985 as a cable television network focused on documentary and factual programming. Under David Zaslav's leadership from 2007, Discovery expanded through acquisitions, including Scripps Networks Interactive (HGTV, Food Network) in 2018 for approximately $11.9 billion.

The merger of WarnerMedia and Discovery was completed in April 2022, creating Warner Bros. Discovery. The combined company launched the Max streaming service (rebranding HBO Max) in May 2023.

For full-year 2024, Warner Bros. Discovery reported revenue of approximately $39.3 billion. The company has been focused on debt reduction, cost cutting, and growing its Max streaming subscriber base.

Controversy, Regulation & Public Scrutiny

Warner Bros. Discovery has faced significant criticism for its aggressive cost-cutting following the 2022 merger. The company cancelled or removed numerous completed films and television series from its platforms, taking content write-downs rather than releasing the content. The cancellation of the completed Batgirl film in 2022, which had cost approximately $90 million to produce, generated particular controversy.

The company has also faced criticism from creative talent regarding the pace of layoffs and the treatment of employees following the merger. CNN has undergone significant restructuring, including leadership changes and staff reductions.

David Zaslav's compensation package, which has been among the largest in the media industry, has been a subject of criticism given the company's financial challenges and layoffs.