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Warner Bros. Discovery

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Warner Bros. Discovery, Inc.
TypePublic
ISINUS9344231041
Industry
Predecessors
FoundedApril 8, 2022; 4 years ago (2022-04-08)
Headquarters230 Park Avenue South,
New York City
,
United States
Area served
Worldwide
Key people
Brands
List
RevenueIncrease US$37.3 billion[2] (2025)
Increase US$738 million (2025)
Increase US$727 million (2025)
Total assetsDecrease US$100.1 billion (2025)
Total equityIncrease US$37.1 billion (2025)
Number of employees
35,500 (2025)
Divisions
  • Streaming and Studios
  • Global Linear Networks
SubsidiariesList of assets owned by Warner Bros. Discovery
Websitewbd.com
Footnotes
[3]

Warner Bros. Discovery, Inc. is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed through the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022. On April 23, 2026, the company agreed to be sold to Paramount Skydance in a US$110 billion transaction, subject to approval by U.S. regulators.[4] On June 12, 2026, the Paramount-WBD deal was approved by the U.S. Department of Justice.[5] However, on July 24, 2026, the proposed merger, which is facing widespread anti-trust legal action, would be delayed until June 1, 2027.[6] On August 4, 2026, a federal judge would rule in favor of holding the antitrust trial related to the proposed Paramount-WBD merger in March 2027, denying Paramount's request to hold it in the fall of 2026.[7]

Warner Bros. Discovery operates via two divisions: Streaming & Studios and Global Linear Networks. Streaming & Studios includes the flagship Warner Bros. studios, HBO, DC Entertainment, and the Warner Bros. Discovery's streaming services. Global Linear Networks largely includes advertising-supported cable networks. Those networks were inherited from its predecessors Discovery (such as the Discovery Channel among others), Scripps Networks Interactive (such as HGTV among others), and Turner Broadcasting System (such as Cartoon Network, Boomerang, CNN, TBS, and TNT). Warner Bros. Discovery International is also included in the division, which manages broadcasting operations outside of the United States.

Background

1923–1979

Warner Bros., Turner Broadcasting System, Scripps Networks Interactive and Discovery, Inc. have conjoined histories. Warner Bros. was founded on April 4, 1923, by four brothers, Harry, Albert, Sam, and Jack Warner in Hollywood. Warner Bros. established itself as a leader in the American film industry[8] before diversifying into animation, television, and video games. It is one of the "Big Five" American film studios, as well as a member of the Motion Picture Association (MPA). In 1965, Turner Broadcasting System was founded by Ted Turner in Atlanta, Georgia. A year later, Kinney National Company came into existence. It reincorporated as Warner Communications in 1972.

1979–1996

In 1979, Warner Communications formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. American Express acquired a 50% stake in Warner Communications' cable television holdings for $175 million.[9][10] This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner Communications bought American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks).[11] In 1982, Warner Communications purchased Popular Library from CBS Publications. Warner Communications merged with Time Inc. in 1990 to become Time Warner.

In 1982, Cable Education Network was founded, launching The Discovery Channel three years later. It was named Discovery Communications in 1994.

1996–2021

Time Warner acquired Turner Broadcasting System in 1996, allowing it to reenter the cable industry. In 2001, it merged with America Online (AOL) to form AOL Time Warner, but the merger proved disastrous, and the company reverted to its former name, Time Warner, in 2003.[12] Time Warner spun off its cable division (later known as Spectrum, owned by Charter Communications) in 2009, AOL (later owned by Yahoo! Inc.) in 2009, and Time Inc. in 2013, which was later acquired by Meredith Corporation and became Dotdash Meredith.[13][14]

2019–2022 WarnerMedia logo

In 2018, Discovery Communications acquired Scripps Networks Interactive (a 2008 spun off from E. W. Scripps Company's cable division) and was renamed as Discovery, Inc.[15] AT&T acquired Time Warner, becoming WarnerMedia. In 2019, AT&T integrated its related assets into Warner's business divisions as part of its reorganization, effectively breaking up Turner Broadcasting System.[16]

History

Formation (2021–2022)

The company's initial wordmark logo

On May 17, 2021, AT&T and Discovery announced that AT&T would spin off WarnerMedia to its shareholders, which in turn would be merged with Discovery Inc. to form Warner Bros. Discovery. The merger would be structured as a Reverse Morris Trust, with AT&T shareholders holding a 71% interest in the new company's stock and appointing seven board members, and Discovery shareholders holding a 29% interest and appointing six board members. AT&T would receive US$43 billion in cash and debt. The merger was expected to be completed in mid-2022.[17][18][19]

Zaslav in February 2026

The merged company would be led by Discovery's current CEO, David Zaslav; WarnerMedia's CEO Jason Kilar's position in the new company was uncertain.[17] Zaslav stated that the two companies would spend a combined US$20 billion annually on content (outpacing Netflix). The company aimed to expand their streaming services, which included WarnerMedia's HBO Max, to reach 400 million global subscribers.[18]

On June 1, 2021, it was announced that the merged company would be known as Warner Bros. Discovery, and an interim wordmark was unveiled with the tagline "The stuff that dreams are made of"—a quote from the 1941 Warner Bros. film The Maltese Falcon, itself paraphrasing Shakespeare's The Tempest.[20][21]

In an SEC Filing on November 18, 2021, Discovery revealed that talks with AT&T had fallen through, in April 2021, due to disagreements over the ownership of the new company between AT&T and Discovery shareholders, and the amount of debt transferred to Discovery when they merged with WarnerMedia, before talks resumed on May 17, 2021.[22]

In November 2021, during an earnings call, Discovery Streaming CEO JB Perrette discussed possible options for its Discovery+ streaming service post-merger, including bundling the service with HBO Max and eventually merging them under a single platform with a mixture of both companies' technologies. He noted that WBD may prioritize launching Discovery+ and HBO Max as a unified platform in markets where Discovery+ had yet to launch, such as other parts of Asia-Pacific.[23]

On December 22, 2021, the transaction was approved by the European Commission.[24][25] On January 5, 2022, The Wall Street Journal reported that WarnerMedia and Paramount Global (at the time named ViacomCBS) were exploring a possible sale of either a majority stake or all of The CW, and that Nexstar Media Group was considered a leading bidder.[26] The reports also indicated that WarnerMedia and ViacomCBS could include a contractual commitment that would require any new owner to buy new programming from those companies, allowing them to reap some continual revenue through the network.[27] The CW's then-president-and-CEO Mark Pedowitz confirmed talks of a potential sale in a memo to CW staffers, but added that "It's too early to speculate what might happen."[28][29]

On January 26, 2022, AT&T CEO John Stankey stated that the merger was expected to close sometime during the second quarter of 2022.[30][31] On February 1, 2022, it was reported that AT&T had finalized the structure of the merger: WarnerMedia would be spun off pro rata to AT&T's shareholders, and then merge into Discovery Inc. to form the new company.[32][33] The transaction was approved by the Brazilian antitrust regulator Cade on February 7,[34] followed by the United States Department of Justice on February 9.[35] On March 11, 2022, the merger was approved by Discovery's shareholders. Due to the structure of the merger, it did not require separate approval from AT&T shareholders.[36][37]

Textless version of the Warner Bros. Discovery logo.[38] It is based on the 1999 variant of the 1998 Warner Bros. Pictures on-screen logo.

In an SEC filing on March 25, 2022, AT&T stated that two-way trading of WBD stock with that of AT&T would begin on April 4, 2022, and that a special dividend would be issued the next day to give AT&T shareholders a 0.24 share in WBD for each share of AT&T common stock they held.[39][40] The merger was officially completed on April 8, 2022. Trading began on Nasdaq on April 11.[41] At this time the company unveiled its final logo, designed by Chermayeff & Geismar & Haviv, which features a rendition of Warner Bros.' long-time shield logo.[42]

The combined company retained several top executives from WarnerMedia, including film and television heads Toby Emmerich and Channing Dungey, and HBO and HBO Max chief content officer (CCO) Casey Bloys. Most of the company's top executive roles are filled by their Discovery counterparts, including Gunnar Wiedenfels as Warner Bros. Discovery's chief financial officer (CFO), JB Perrette as president and CEO of global streaming and interactive, and Discovery's chief lifestyle brands officer Kathleen Finch—whose role expanded to cover most of the combined company's U.S. linear networks, besides CNN (which was taken over by Chris Licht, replacing the outgoing Jeff Zucker), Magnolia Network (which reported to Bloys, after reporting directly to Zaslav under Discovery), and the Turner Sports unit (which would be overseen by the newly formed Warner Bros. Discovery Sports division).[43][44][45]

In an introductory town hall hosted by Oprah Winfrey, Zaslav stated that the combined company would need to have "one culture" that "starts with people feeling safe, people feeling valued for who they are", as opposed what he described as a culture of internal competition between WarnerMedia's businesses.[46] He expected that "investment avoidance" via the consolidation of redundant business units (such as streaming) and staff would be one of the main ways that the company would achieve its promised $3 billion in cost savings.[47] On April 21, 2022, Licht and Perrette announced the shutdown of CNN's streaming service CNN+, which had launched only two weeks prior to the completion of the merger; the new leadership considered it to be incompatible with their goal of a unified streaming service for WBD properties.[48][49][50]

In an investors' call on April 26 (concurrent with the first quarter earnings reports for Discovery Inc., its last prior to the merger), Zaslav contrasted the company's streaming businesses with Netflix (whose stock declined after a quarterly loss in subscribers), describing Warner Bros. Discovery as a "far more balanced and competitive company" that would "invest at scale smartly" and not "overspend" on growth and that its streaming businesses would complement its linear networks. He stated that HBO Max had "meaningful subscriber churn", and that the planned merger of it with Discovery+ would help to reduce churn by offering a broader content mix.[51] It was reported that the company had suspended scripted development at TBS and TNT, to evaluate their strategies.[52] The following day, Zaslav purchased approximately $1 million worth of WBD stock.[53]

On May 11, 2022, Warner Bros. Discovery eliminated several executive positions carried over from WarnerMedia, including Kids, Young Adults and Classics head Tom Ascheim, and general manager of TBS, TNT, and TruTV head Brett Weitz. These networks would be overseen by Finch as head of U.S. Networks, while the studios and one network under the Kids, Young Adults and Classics division (Warner Bros. Animation, Cartoon Network Studios, Turner Classic Movies and Hanna-Barbera Studios Europe) was moved under Warner Bros. Television.[54][55][56] That day, it announced an agreement with British telecom company BT Group for it to contribute its BT Sport channels into a 50/50 joint venture with its UK Eurosport channels, and eventually merge them.[57][58]

On June 1, 2022, Warner Bros. Pictures head Toby Emmerich announced his departure to establish a new studio, to be funded and distributed exclusively (for five-years) by Warner Bros. Pictures.[59] Warner Bros. Pictures was then divided into three business units with separate leadership: former MGM executives Michael De Luca and Pamela Abdy became the co-chairs of Warner Bros. Pictures and New Line Cinema, and temporarily oversaw the DC Films and Warner Animation Group units.[59][60] Eight days later, WBD named former Discovery and Univision executive Luis Silberwasser as chairman of Sports.[61][62] In July 2022, Alan Horn rejoined Warner Bros. as a consultant.[63]

WBD delivered its second-quarter earnings report on August 4, 2022. Ahead of the report, the company performed surgery on HBO Max, including cutting new programming development in much of Europe,[64] live-action children's programming development,[65] and direct-to-streaming films—including notable August 3 cancellations of the nearly completed films Batgirl and Scoob! Holiday Haunt as tax write-offs, and the quiet removals of multiple HBO Max original films from the platform along with upcoming releases.[66]

In the second quarter of 2022, WBD revealed $9.8 billion in revenue and a net loss of $2.2 billion pro forma, primarily from integration and restructuring expenses. The company took $825 million in write-offs on "content impairments and development".[67][68] The company confirmed cuts to children's program development,[69] and abandoned the production of direct-to-streaming films for HBO Max—with Zaslav arguing that they lacked economic value and impact in comparison to theatrical releases. WBD renewed its contracts with Bloys and other key HBO executives; Zaslav praised Bloys' performance as chief content officer.[70] Zaslav stated that a "10-year plan" was in development for DC Films, modeled after those of Marvel Studios,[71][72] while Perrette stated that the planned merger of Discovery+ and HBO Max would occur by summer 2023 in the United States, followed by other markets.[73]

HBO subsequently reorganized on August 15 to dismantle most of HBO Max's autonomous units. HBO Max's head of comedy Suzanna Makkos began reporting to HBO's head of comedy Amy Gravitt. Layoffs hit HBO Max's non-scripted, live-action family entertainment, international originals, and casting units, as well as HBO's acquisitions unit.[74][75] HBO Max also continued to remove and cancel some of its lesser-viewed original programming, particularly family-oriented and animated series.[76][77]

On August 15, 2022, Nexstar confirmed in June that it would buy a controlling 75% interest in The CW; WBD and Paramount would each retain a 12.5% ownership interest.[78][79] Nexstar stated that Mark Pedowitz would remain its chairman and CEO. WBD and Paramount would remain The network's main content suppliers, but Nexstar stated that the arrangement would be for the 2022–23 broadcast season, and it retained the option to extend the partnership.[79][80] As the transaction did not require regulatory approval (unlike the "Big Four" networks, The CW does not own stations), Nexstar immediately took over the network's operations.[81]

In September 2022, WBD became the subject of a proposed class-action lawsuit by one of its shareholders, alleging that WarnerMedia was overinvesting in streaming content "without sufficient concern for return on investments", and had overstated the number of HBO Max subscribers by at least 10 million by counting inactivated subscriptions bundled with AT&T services—thus misleading investors in violation of the Securities Act. It also alleged that Discovery executives failed to warn investors that WarnerMedia's prospectus contained misleading statements.[82][83]

On September 28 during a company town hall, Zaslav addressed speculation that WBD was pursuing a possible sale as early as 2024, stating that it was "absolutely not for sale", and "have everything we need to be successful".[84][85] On October 11, Warner Bros. Television Group laid off 82 employees and eliminated 43 vacant positions as part of a restructuring that primarily impacted its unscripted and animation units. The restructuring saw the consolidation of Warner Horizon and Telepictures' creative operations, and the consolidation of Cartoon Network Studios' and Warner Bros. Animation's development and production teams (with the two studios retaining separate labels with distinct output).[86]

On October 3, 2022, Nexstar closed its deal to acquire a controlling interest in The CW. Mark Pedowitz resigned from his position as the network's chairman and CEO, replaced by Dennis Miller as president.[87] Later that month, it was announced that filmmaker James Gunn and producer Peter Safran would serve as co-CEOs and co-chairs of DC Films which rebranded as DC Studios. The duo signed a four-year deal to oversee film, television, and animation production for DC. The pair reported directly to Zaslav, while working independently with other members of the studio. Gunn would oversee creative development on DC projects, while Safran took the business aspect.[88] An earnings report in November 2022, announced that the launch of WBD's streaming service had been moved up to spring 2023.[89] Max was unveiled April 12, 2023.[90] In December 2022, CNN announced cutbacks and a reorganization to prioritize its "core" operations, resulting in sister channel HLN being brought under the auspices of Investigation Discovery and abandoning its remaining original live news programming.[91][92]

Declining turnover, cutbacks and restructuring (2023–2025)

In January 2023, WBD announced licensing agreements with free ad-supported streaming television (FAST) services The Roku Channel and Fox Corporation's Tubi, featuring library content from Discovery, TLC, HGTV, Food Network, Warner Bros. Pictures, Warner Bros. Television, and HBO (including series that were pulled from HBO Max).[93][94]

On February 8, 2023, The Wall Street Journal reported that WBD had amended its plans to merge Discovery+ with HBO Max, with HBO Max's successor slated to include "most" Discovery content, and Discovery+ remaining operational to retain its subscriber base, and provide an alternative option for customers not interested in the higher-priced unified service.[95] On February 24, WBD CEO David Zaslav confirmed the change of plans, saying that Discovery+ has "profitable subscribers that are very happy with the product offering".[96]

In early-June, Licht was fired from CNN.[97][98] On June 20 WBD underwent a round of layoffs affecting around 100 employees in the U.S. Networks division, most notably including multiple Turner Classic Movies (TCM) executives such as Pola Changnon (who had been with Turner for over 25 years). WBD announced plans to place the channel under Cartoon Network head Michael Ouweleen.[99] It was also reported that WBD was preparing a deal to sell half of the published music catalog of Warner Bros. Entertainment (which films and television scores, and is administered by Universal Music Publishing Group) for around $500 million.[100] Amid concerns over the future of TCM, Martin Scorsese, Steven Spielberg, and Paul Thomas Anderson met with Zaslav, and on June 23 the company announced that the channel would move under Warner Bros. Pictures Group heads Michael De Luca and Pamela Abdy—who both affirmed the cultural significance of TCM and pledged to keep its programming "untouched and protected".[101][102][103]

In December 2023, WBD announced the purchase of Turkish streaming platform BluTV, with operations in the MENA region.[104][105] On February 16, 2024, RedBird Capital Partners (via its United Arab Emirates-backed partnership RedBird IMI) announced its intent to acquire All3Media—a WBD joint venture with Liberty Global—for £1.15 billion.[106] The acquisition was completed on May 16, 2024.[107]

In April 2024, Warner Bros. Discovery New Zealand announced that it would shut down Newshub (which produced bulletins for its free-to-air channel Three) in July 2024, citing declining local advertising revenue.[108][109] Newshub was supplanted by a partnership with local media company Stuff, which launched an evening newscast under the ThreeNews banner.[110][111][112] In July 2024, CNN CEO Mark Thompson announced 100 layoffs.[113] A week later, additional WBD employees at Max and in production, business affairs, and finance were also let go.[114]

On July 24, the NBA announced new media rights agreements with Disney (ESPN and ABC), NBCUniversal (NBC and Peacock), and Amazon Prime Video beginning in the 2025–26 season, ending a nearly 36-year association between the NBA and TNT. WBD had attempted to invoke a condition in its contract allowing it to match offers made by competitors (targeting the package sold to Amazon), but the league argued that it did not sufficiently match Amazon's offer. WBD threatened legal action, claiming that the NBA had "grossly misinterpreted our contractual rights".[115]

In August, WBD reported that it had lost $10 billion in the second quarter of 2024, relating to continued losses from its direct-to-consumer segment and the devaluation of its linear television assets.[116]

In November, WBD agreed to a settlement with the NBA, allowing TNT Sports continued access to highlights for its digital platforms Bleacher Report and House of Highlights, international rights for selected markets in Nordic Europe and South America, a sublicense package of Big 12 Conference basketball and football from ESPN, and an agreement for TNT's NBA studio show Inside the NBA to air on ESPN and ABC in conjunction with its own NBA coverage, with TNT Sports continuing to produce the program with its existing personalities.[117][118][119][120]

On March 24, 2025, WBD announced that it would buy a 30% minority stake in Dubai-based OSN Streaming Limited for $57 million.[121]

In July 2025, WBD announced that it would divest its New Zealand television operations Three and ThreeNow to local competitor Sky Network Television for $1. WBD is retaining its subscription television and production operations in the region.[122][123]

Attempted separation and proposed sale to Paramount Skydance (2025–present)

A group of professionally dressed people seated around a round table in a modern, warmly lit lounge, engaged in conversation and smiling. David Zaslav sits at the center, gesturing while speaking, with a woman in a white sweater featuring an American flag seated to his left and a man in a dark blazer leaning in from his right. Drinks rest on the table, while other guests and soft ambient lighting fill the background.
Zaslav during a meeting with United States ambassador to Italy and San Marino Tilman Fertitta in February 2026

On July 18, 2024, it was first reported that Zaslav and WBD executives were considering breaking up the company to separate its unprofitable cable television networks from its more profitable studio, premium television, and direct-to-consumer businesses (including Warner Bros., HBO, and Max).[124][125] On December 12, 2024, Zaslav officially announced a planned reorganization of WBD into "Global Linear Networks" and "Streaming & Studios" units to enable greater flexibility and "potential future strategic opportunities".[126]

On June 9, 2025, WBD announced plans to split these two units into separate companies—later named "Warner Bros." and "Discovery Global"[127]—by mid-2026.[128][129] Warner Bros. was to include the Warner Bros. film, television, and video game studios, DC Studios, DC Entertainment, Cartoon Network Studios, HBO and HBO Max, and TCM. Discovery Global was to be led by current WBD CFO Gunnar Wiedenfels, and include assets such as WBD's linear television brands in the U.S. and internationally, Discovery+, and Warner Bros. International Television Production. Sports rights would be divided between the two companies. TNT Sports' US assets would go to Discovery Global, and TNT Sports in the United Kingdom and Ireland to Warner Bros. The transactions were expected to be completed in mid-2026; the split was structured to be tax-free, with Discovery Global assuming Warner Bros.' debt.[128][130][131][132] On September 10, 2025, Zaslav stated that the split was on track for completion by April 2026.[133]

On September 11, 2025, The Wall Street Journal reported that David Ellison's Paramount Skydance was exploring a bid to acquire the entirety of Warner Bros. Discovery.[134][135] Such an acquisition would integrate overlapping assets between the two companies, including two of the five major film studios (Warner Bros. and Paramount Pictures), streaming services HBO Max and Paramount+, TNT Sports and CBS Sports (which have collaborated on properties such as the NCAA men's basketball tournament), and CNN and CBS News.[136][137][138][139][140] WBD's share prices increased by 33% following the reports.[141] While such an acquisition would not be subject to FCC scrutiny, unlike Skydance Media's acquisition of Paramount Global, the sale has faced the possibility of antitrust issues due to its horizontal integration of two legacy media conglomerates and film studios; such a merger would resemble the larger Disney acquisition of 21st Century Fox in 2019.[141][137] Senator Elizabeth Warren criticized the prospective deal as a "dangerous concentration of power".[142]

In October, Paramount Skydance reportedly made multiple unsolicited bids at $19, $22 and $23.50 per share;[143] Zaslav had sought at least $30 per-share, and believed that the post-split Warner Bros. studio company could be more conductive to a bidding war.[144][145] On October 21, WBD announced that it had begun to review several "unsolicited" offers.[146] On October 27, Bloomberg News reported that if a Paramount Skydance deal was successful, Ellison would retain WBD's creative teams and most of its assets, including the cable networks, and merge HBO Max with Paramount+.[147][148] Ellison suggested that Zaslav might retain his position as co-CEO and that he would be personally compensated with $500 million upon accepting the offer of sale.[143][149] Paramount Skydance insisted that its offer would "[deliver] superior value" in comparison to the previously-proposed split.[150]

On October 31, Netflix, Inc. was reported to be actively exploring a bid for the studio and streaming unit; the company stressed that it remains "predominantly focused on growing organically", and was not interested in WBD's legacy linear television businesses.[151] On November 20, Paramount Skydance, Netflix, and Comcast (which was in the process of similarly divesting its cable television assets) formally submitted bids, with Comcast made a cash and stock-offer for the studios company, Netflix submitted a mostly cash offer, while Paramount Skydance made an all-cash offer for the entire company, backed by debt financing from Apollo Global Management and Middle-Eastern sovereign wealth funds.[152][153]

On December 4, 2025, Paramount accused Warner Bros. Discovery of orchestrating an unfair bidding process that favored Netflix.[154] Netflix won the bidding war later that day and began exclusive negotiations.[155] On December 5, Netflix officially announced its intent to acquire the Warner Bros. streaming and studios business for $72 billion, in an offer valuing WBD at $82.7 billion.[156][157] On December 8, Paramount Skydance subsequently made a hostile all-cash bid of $30 per-share (valued at $108.4 billion) to acquire Warner Bros. Discovery, arguing that its offer would provide better value to shareholders.[158][159] WBD instructed shareholders to decline the offer.[160][161]

The Netflix bid garnered intense antitrust scrutiny, with politicians expressing concerns that the breadth of content that would be controlled by the company would give it an unfair advantage in the streaming industry, reduce consumer choice and raise prices. The sale was also opposed by the Writers Guild of America (WGA)—which believed that it would concentrate power and stifle creative competition,[162][163] and the trade organization Cinema United—which believed that Netflix would perform fewer theatrical releases.[164] Netflix co-executive Ted Sarandos stated that the company would continue to release films theatrically and would maintain a 45-day window for Warner Bros. releases, since the studio generated "billions of dollars of theatrical revenue that we don't want to put at risk."[164] Ellison stated that 30 "high-quality" theatrical films between Paramount and Warner Bros. per-year, maintain theatrical and home video windows, continue acquiring third-party content, and continuing to allow HBO to operate independently).[165] Conservatives notably advocated in favor of the Paramount Skydance bid due to the Ellisons' ties to U.S. president Donald Trump; ahead of a Senate hearing on the Netflix bid, the conservative think tank Project Oversight circulated a report accusing Netflix of using its global scale to promote "progressive political objectives".[163][166]

On February 10, 2026, Paramount Skydance added incentives to its bid, stating that it would cover Netflix's $5.8 billion breakup fee, backstop a debt exchange that would relieve WBD of its obligations to its bondholders, and added a "ticking fee" that would increase the value of its bid by approximately $650 million per-quarter if it is not closed within 2026 as a mark of confidence in the deal's approval.[167][168] On February 11, activist shareholder Ancora Alternatives LLC signalled that it would back the Paramount Skydance bid and launch a proxy fight if it is not supported by WBD's board, calling the Netflix offer rushed and "flawed".[169] On February 15, 2026, Bloomberg reported that Warner Bros. Discovery was considering reopening sale talks with Paramount Skydance.[170]

On February 26, 2026, Warner Bros. Discovery confirmed that it considered Paramount's updated bid to be superior to Netflix's current offer, triggering a four-business-day period during which Netflix could improve its offer.[171] Netflix subsequently declined to increase its bid, stating that the deal was "no longer financially attractive."[172]

On February 27, 2026, Paramount Skydance confirmed its deal to acquire all of Warner Bros. Discovery for $110 billion. The deal is expected to be closed by September 30, 2026 at the earliest.[173] On April 23, 2026, WBD's shareholders approved the sale to Paramount Skydance.[174] However, an offer to have the sale include a golden parachute for then-current WBD head David Zaslav and other WBD executives was also rejected.[175]

On May 13, 2026, Ryan Gould and Robert "Bobby" Voltaggio kicked off the company's upfront Wednesday by acknowledging the Paramount-WBD deal. The presentation also included a tribute to Ted Turner, the founder of CNN, Turner Broadcasting, and Turner Classic Movies, by Anderson Cooper.[176][177]

On May 25, 2026, Ukraine's Antimonopoly Committee approved the Paramount-WBD deal.[178]

On June 2, 2026, the European Union announced it was expected to approve the Paramount-WBD deal by July 7, 2026, but Austria's competition authority, the Austrian Federal Competition Authority (AFCA), expected the European Union to approve the Paramount-WBD faster.[179] On June 3, 2026, the Austrian Federal Competition Authority (AFCA), which was part of the European Union, announced it was expected to approve the Paramount-WBD deal by June 29, 2026.[180]

On June 4, 2026, Paramount Skydance pushed back on an antitrust lawsuit seeking to permanently block its proposed merger of Warner Bros. Discovery, deeming the complaint "long on rhetoric and fearmongering" but falling short of stating a viable claim that the deal harms competition.[181]

On June 10, 2026, EU Foreign Subsidies Regulation was ordered to approve the Paramount-WBD deal by July 14, 2026.[182] On that same day, the Paramount-WBD deal was approved by the Australian Competition and Consumer Commission (ACCC). The authority said that the mega-merger was likely to have the effect of substantially gaining competition in relation to the wholesale supply of films for theatrical release in Australia. Paramount Skydance received necessary approvals for the Paramount-WBD deal from competition authorities in Saudi Arabia, Ukraine, Serbia and North Macedonia, and from foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania.[183] On June 12, 2026, the Paramount-WBD deal was approved by the U.S. Department of Justice's Antitrust Division.[184][185]

On June 16, 2026, the Paramount-WBD deal was announced to separate Hollywood studios from independent distributors in response to Brazil's CADE market test.[186]

On June 17, 2026, the European Commission announced it had until June 27, 2026, to approve the Paramount-WBD deal.[187] In exchange of completing phase 2 review, Paramount announced it would end its joint venture to distribute films with Universal Pictures, leaving Universal to take full control of United International Pictures.[188] On that same day, the Paramount-WBD deal was approved by China's State Administration for Market Regulation (SAMR). The antitrust ruling came on the heels of ⁠similar approvals from the U.S. Department of Justice, and a number of other countries, including Australia, Germany, France and Saudi Arabia.[189]

On June 19, 2026, the Competition Commission of South Africa (CCSA) granted approval for the merger. The following day, Competition Bureau (CBC) of Canada, approved the deal after the statutory waiting period under section 123(1)(b) of the Competition Act in Canada expired.[190]

On July 10, 2026, Oregon's attorney general announced it dropped a civil investigative demand for Paramount to turn over records related to its efforts and it secured federal approval to delay its merger with Warner Bros. Discovery.[191]

On July 13, 2026, Paramount Skydance said it was considering moving its headquarters and pulling $30B in annual spending out of California if the state sued to block its merger with Warner Bros. Discovery.[192]

A coalition of 12 U.S. states: Arizona, California, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington all announced that they filed a lawsuit, and they were all seeking to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition.[193]

Hollywood reacted to states suing the proposed Paramount Skydance and Warner Bros. Discovery acquisition, and several Hollywood trade organizations said that they were in support of a dozen state attorneys general who filed lawsuit to block Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery.[194]

Zohran Mamdani announced on July 13, 2026, that all 12 U.S. state attorneys general filed lawsuit, and sued to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition, as the proposed Paramount Skydance and Warner Bros. Discovery acquisition reached an unacceptable failure and remained unclosed after September 30, 2026.[195]

State attorneys general said they were seeking a temporary restraining order and preliminary injunction to pause Paramount Skydance's proposed merger with Warner Bros. Discovery, warning that the company closed the transaction on July 22, 2026.[196]

On July 14, 2026, the Writers Guild of America announced that it filed a lawsuit to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition.[197] A federal court said that a hearing set for Paramount and Warner Bros. acquisition was set for July 17, 2026.[198] Jeffrey Kessler said that the proposed Paramount and Warner Bros. acquisition could still close on time.[199]

On July 15, 2026, Todd Blanche announced he was grilled over his role in the Justice Department’s sign-off of Paramount's proposed merger with Warner Bros. Discovery,[200] and Paramount said that it was seeking to have the judge assigned to the state attorneys general challenge to its merger with Warner Bros. Discovery recused from the case, arguing that he had an “appearance of bias” because of his prior legal work for the Writers Guild of America.[201] David and Larry Ellison announced they were sued by a Paramount Skydance shareholder who alleged they cut an “illegal” deal with Donald Trump to secure U.S. governmental approval for the takeover of Warner Bros. Discovery.[202] It was announced that the State of California vs. Paramount Skydance was reassigned to Judge Araceli Martínez-Olguín, and it appeared that an initial hearing to consider a temporary restraining order on the Paramount-Warner Bros. Discovery merger,[203] as Paramount Skydance was pushing back on a recently filed shareholder lawsuit by Warner Bros. Discovery, saying it “recycles allegations that have already been reported and already addressed.”[204]

With a judge in Oakland County set to hear arguments for and against a temporary restraining order on Paramount Skydance's planned merger with Warner Bros. Discovery, the David Ellison-led company announced on July 16, 2026 that the State AG’s motion for a temporary restraining order “presented one of the weakest merger challenges in modern antitrust history.” Plaintiffs sought to take the extraordinary step of preventing Paramount Skydance Corporation and Warner Bros. Discovery, Inc. from closing their $110 billion, industry-transforming merger, yet they could not come close to establishing a likelihood of success in the case. Paramount Skydance said in its opposition filing to the TRO motion by plaintiffs — a dozen Attorneys General led by Rob Bonta of California. “The reason is simple: the merger is procompetitive, not anticompetitive.”[205] Araceli Martínez-Olguín said that she denied a group of consumers a preliminary injunction to block Paramount's proposed merger with Warner Bros. Discovery.[206] Paramount Skydance said its $110 billion takeover of Warner Bros. Discovery faced more than a month of regulatory uncertainty, where Parliament closed its doors for the summer, on July 17, 2026.[207]

On July 17, 2026, the BBC announced that every twist and turn of the regulatory quagmire was the Paramount Skydance and Warner Bros. Discovery $110 billion mega-merger. WarnerMount now faced weeks of uncertainty. Lisa Nandy had no decisions on whether to intervene on media plurality grounds (she said she was “minded to intervene” several weeks back). The limbo would last until September 1, 2026, which would be Andy Burnham, and therefore probably a new Culture Secretary. The David Ellison-run company had a “ticking fee” commitment to WBD shareholders of 25 cents a ​share — roughly $650 million — for every quarter its takeover did not finalize beyond Q3, so Nandy’s delay could be rather costly. Alan Cumming announced that WarnerMount would create “a giant conglomerate beholden to Donald Trump, autocrats and oligarchs.” Jake's story noted that the deal could technically close without clearance, but all the signals so far were that would play by the book. With a dozen states suing against the merger in the U.S., WarnerMount continued to be the messiest piece of M&A of the year, and therefore it would come soon.[208] A judge overseeing the state attorneys general challenge to the Paramount–Warner Bros. Discovery merger did not issue a ruling on an emergency motion to pause the transaction, but said that she would do so on July 22, 2026. Much of the hearing was devoted to argument on how narrowly the market for theatrical and cable distribution should be defined, as the state's claimed that they had shows that the transaction on its face was illegal, would pause the transaction indefinitely until the legal process played out.[209] Hollywood clashed hearing over what determined a Blockbuster, and how quickly the antitrust challenge to Paramount Skydance's mega-merger with Warner Bros. Discovery should move along. It would potentially avert “very severe harm” to Paramount Skydance from a so-called ticking fee – addition payouts by Paramount Skydance to Warner Bros. Discovery shareholders beginning on October 1, 2026.[210] The Los Angeles Times said that the fight over the blockbuster deal that both sides agreed would dramatically reshape Hollywood. Two century-old film studios — with rights to Harry Potter, Batman, Top Gun, The Big Bang Theory, and Game of Thrones — would be combined, while HBO and CNN would come under new ownership, as the proposed acquisition would be closed by the end of December 31, 2026.[211]

On July 18, 2026, it was announced that Warner Bros. would be sold off in pieces and cease to exist, or become like MGM, if the Paramount and Warner Bros. mega-merger failed to combine and merge to WarnerMount. "The deal has to go through, or else Warner Bros will be sold off in pieces and cease to exist or become like MGM.", the insider announced. "It's chaos over there, projects are on hold.", Variety said.[212] Warner Bros. would be vanished if Paramount collapsed, stating that the proposed acquisition would be broken up if the mega-merger would be blocked. The studio's future was said to be depended on the outcome of the legal battle, as California's lawsuit continued as Paramount argued the deal was vital for both companies, as Warner Bros. had been one of Hollywood's most influential studios for more than a century, and the future would be in doubt if the WarnerMount mega-merger failed. As legal challenges continued to delay the deal, it was announced that the studio would not be owned by Warner Bros., as the studio survived as a standalone company. It claimed there had been speculation over changes at DC Studios, with the producers expected to oversee the division if the mega-merger was completed. The chairman was meeting lawmakers in Washington to discuss a proposed federal film tax credit, which insiders believed could help address concerns raised by states challenging the mega-merger, as they were keeping Warner Bros. and Paramount open. Parts of the studio would be sold individually if the mega-merger fell through, as the failure of the mega-merger would leave Warner Bros. facing a breakup instead of an independent future.[213] The final effort to block the mega-merger attempted to stop the $111B deal that violated antitrust law and reduced competition in both the film and cable television industries.[214]

On July 20, 2026, it was announced that a federal judge ordered Paramount Skydance and Warner Bros. Discovery to halt their $81B merger for at least two weeks, allowing states that were challenging the deal more time to see their case through in court. The states' top prosecutors called on Warner and Paramount to not close the transaction until after a court had time to "fully evaluate" their claims. And when the companies refused, they filed for a temporary restraining order - which was what District Judge Araceli Martínez-Olguín granted. A Warner-Paramount tie-up would bring together two of the five last legacy studios in Hollywood - as well as host of TV networks, titles filling streaming libraries and news operations. A hearing in the court would be on August 3, 2026, for a hearing on the states' preliminary injunction motion, although that schedule could also be pushed back.[215]

On July 21, 2026, Apple and Amazon were announced to compete with Paramount-WBD to weaken narrow market definitions, in exchange that Paramount would receive a majority stake from Apple Studios and allow Paramount with an ability to co-distribute content from Amazon MGM Studios, which will be effective by August 2026.[216] Lisa Nandy announced on July 21, 2026, that she would remain in the role overseeing film and TV industries and would continue to oversee a busy inbox, with her immediate priorities including whether to formally intervene in the proposed Paramount Skydance's $110B takeover of Warner Bros. Discovery acquisition and mega-merger.[217]

On July 22, 2026, it was announced that the Paramount Skydance's proposed acquisition with Warner Bros. Discovery revealed that the $110B's WarnerMount mega-merger was still in a shaky position as Paramount Skydance and Warner Bros. Discovery would be worried by the judge ruling for a brief pause.[218] On that same day, the Paramount-WBD deal was approved by the European Commission of the European Union,[219] which took a major step forward after securing approval from the antitrust authority.[220] The Writers Guild of America's legal team called WarnerMount presumptively illegal in the market for writing services, for anticipated top grossing films.[221] It also sought a 3-day evidentiary hearing and they sued to halt the WarnerMount mega-merger. On that same day, the judge set a briefing schedule in which the state AGs opening brief was due on Thursday, and the company response was due on Monday. The state AG reply was due on July 30. Paramount’s legal team proposed a schedule in which opening briefs would be filed on July 28, the company reply on August 7 and the AG response on August 12. Paramount’s legal team was seeking essentially a mini-trial, to be held the week of August 17 or August 24. They also said that the company would consent to an extension of the TRO “to cover the period through a decision by the Court.”[222]

On July 23, 2026, it was announced that the proposed WarnerMount mega-merger was currently still on ice indefinitely, after the judge filed a lawsuit to block the proposed WarnerMount mega-merger.[223] On that same day, Paramount Skydance's $111B mega-merger with Warner Bros. Discovery had a few hurdles ahead of it. One of them was an FCC approval. But a recent investigation showed that Paramount and the FCC had a dubious relationship, one with potential conflicts of interest.[224] UNIC said that it had been reacted to the WarnerMount greenlight, that should've gone further.[225] A judge said it would not close the WarnerMount transaction until August 17, 2026.[226] As it stood now, the Paramount-WBD merger agreement was set to expire on March 4, 2027, subject to one automatic extension to June 4, 2027.[227] The deal would not close until August 18, 2026.[228]

On July 24, 2026, it was announced that Paramount Skydance had its $80B deal for the pursuit of Warner Bros. Discovery, attacking California as the deal got delayed indefinitely. The Ellisons thought about fighting this thing all the way to the Supreme Court. Lots of mud thrown at the Ellisons by Donald Trump-hating AGs had brought the case. Shareholders of WBD could take another hit; its stock was already well below the deal price on the lawsuit and likely to fall further if the judge issued an injunction. The takeover of Paramount from the controlling Redstone family was anything but easy. They initially lost the long and contentious bidding war for Warner Bros. Discovery to Netflix, only to mount a come-from-behind victory by outbidding the streaming giant. The court persuaded that it would presume that WarnerMount would violate antitrust laws. It meant paying $650 million a quarter to satisfy a "ticking fee" arrangement the Ellisons agreed to as part of their deal. Rich Greenfield would not be settled until 2027. The Joe Biden judge would rule on the deal's alleged merits and she was cut from the same leftist-activist cloth as the state AGs brought the case led by the hyper-ambitious California AG Rob Bonta. One interesting layer was that the European Union–not exactly a bastion of unfettered markets– just approved the merger. That put Bonta & Co to the left of some of the most leftist regulators on the planet. Warner Bros.' flailing pre-bidding war stock price signaled difficult days ahead and there had never been more competition for consumer entertainment eyeballs given the likes of YouTube, not to mention streaming in general. Facts were beside the point in this California court. Like the judge in the case (who was confirmed by the Senate on a party-line vote because of her leftist politics) Bonta no doubt looked forward to spending the coming months concocting fluffy legal motions, and likely claiming that Donald Trump would be in control of the combined company's footprint, which would include both CBS and CNN. SCOTUS was ruling to finally close this deal in 2027.[229] The proposed merger, which is facing widespread anti-trust legal action, would be delayed until June 1, 2027.[6]

SAG-AFTRA announced on July 27, 2026, that they took a slightly more aggressive stand against Paramount Skydance's pending acquisition of Warner Bros. Discovery, but it stopped short of joining Writers Guild of America and SAG-AFTRA, in bringing the issue to court. The union's National Board adopted a resolution over the weekend that publicly opposed the merger unless there were certain production guarantees.[230]

It was announced on July 28, 2026, that broadcast, cable, and streaming in the future were undoing the Paramount-WBD deal, and was inarguably past its primetime programming, as some watchers of the case from both the legal and financial arenas were skeptical of Paramount and Warner Bros. argument, known in case law as a failing market hypothesis.[231]

It was announced on July 29, 2026, that The Wall Street Journal threw the weight behind Paramount Skydance's proposed $110B acquisition of Warner Bros. Discovery, and blasted off the antitrust lawsuit against it as trash in an op-ed and WarnerMount was dumped out of Stronger Hollywood, according to Ari Emanuel. From the headline arguing the merger could save Hollywood to its coda urging government regulators to let creatives get back to trying to rip each other’s heads off, and the piece was a strong endorsement at a key moment. After clear signs that a judge was skeptical of its defense, Paramount was on trial because of a favorable ruling.[232] David and Larry would have to pay $9.8B if the Warner Bros. and Paramount deal collapsed.[233]

On July 30, 2026, it was announced that Paramount Skydance sacrificed cinema history to win approval for its Warner Bros. Discovery deal, which would be enough to Europe's theatrical business. That was because Paramount had agreed to exit UIP, its 50-50 joint venture with Universal Pictures, to secure regulatory approval for its takeover of Warner Bros. Discovery in the European Union. In remedies laid down by the European Commission, the EU’s antitrust enforcer, Paramount needed to unwind its links to UIP within 13 months of closing the Warner merger, walking away from a company that was part of the European cinema landscape for 44 years. The venture would continue without its stewardship.[234] A group of film producers urged the British culture minister to intervene in the proposed merger of Paramount Skydance and Warner Bros Discovery and protect access to historical news footage used by documentary makers.[235]

On July 31, 2026, it was announced that Paramount Skydance, as well as Warner Bros. Discovery, pitched a November 4, 2026 start, while state attorney generals and the Writers Guild of America proposed an April 5, 2027 trial.[236] On that same day, a group representing documentary filmmakers and archival specialists asked the British government to intervene in the proposed merger between Paramount Skydance and Warner Bros. Discovery, arguing that the deal could restrict access to some of the world's most important television news archives, Reuters reported. The appeal was made to UK Culture Secretary Lisa Nandy, who was already reviewing the transaction amid broader concerns about media plurality and competition. According to the producers, the merger would place the archives of CNN and CBS News under common ownership for the first time. In a letter sent to the UK government, the Archival Producers Alliance, which represented more than 650 archival researchers and producers across the US, UK and other countries, said the transaction would combine two of the most valuable collections of television news footage in existence.[237]

On August 1, 2026, sources told The Wall Street Journal that California's governor said if the merger was blocked due to the lawsuit, state employment would suffer, and that "Newsom’s office encouraged Attorney General Rob Bonta’s office, which had independent authority to file such suits, to find a resolution out of court."[238]

It was announced on August 3, 2026, that the Ellisons' Paramount and Warner Bros. deal slipped toward a costly legal and financial cliff, and it stated that we had to be careful what you bid for the WarnerMount mega-merger, which faced a ticking fee. On that same day, the price for the proposed acquisition was $31 per share in cash.[239] The CEO spotted a surprising location as he prepped antitrust battle with California over Warner Bros. deal.[240]

On August 4, 2026, Paramount CEO David Ellison said he believed the antitrust litigation filed by 12 states and the Writers Guild of America wasn’t about market share but about “whether I could be trusted as a steward of Warner’s CNN.” He reiterated his pledge that CNN would remain independent under a merged Paramount-Warner Bros. Discovery and that its journalists “would continue to answer to the facts and to all the people they served — not to any party or cause.”[241] The same day, Araceli Martínez-Olguín wrote that the Paramount & Warner Bros. trial was scheduled to take place from March 2 to March 19, 2027. The judge wrote that the trial would run from 8:30 a.m. to 1:30 p.m., with two 15 minute breaks. The trial was scheduled to be in a blackout on March 8, 2027 and March 15, 2027. A waiting period would be expired on February 19, 2027.[242] On that same day, reported mixed numbers for the June quarter with strong streaming, tough theatrical comps and an ongoing drop in linear television. David Ellison said that over the past several months, our leadership team and legal partners had worked closely with antitrust and competition authorities around the world. As a result, regulatory bodies and governments representing 65 jurisdictions — including the European Commission, Australia, Brazil, China, the U.S., Germany, India, France, Spain, Canada, South Africa, Saudi Arabia, and South Korea — had either cleared the transaction or elected not to challenge it on competition and/or foreign direct investment grounds, As these clearances demonstrated, the transaction was fully consistent with antitrust laws. The claims in pending antitrust litigation did not reflect the realities of today’s highly competitive entertainment marketplace. Even combined, Paramount and Warner Bros. Discovery would account for just 13.4% of total U.S. television and streaming viewing time, 18% of the domestic box office over the past 12 months, and 22% on average over the last six years. Those figures reflected a company competing in an intensely competitive marketplace against tech giants such as Netflix, Amazon, Apple, and others — not one with the market power to dictate outcomes for audiences, creators, or distributors. We remained confident the transaction would be completed, creating a stronger, more competitive media company. Meanwhile, the Paramount-WBD deal was approved in Japan.[243]

On August 5, 2026, it was announced that the WarnerMount mega-merger would happen in 2027; artificial intelligence would not replace human storytelling. It would go through despite a legal challenge, because it would not close the purchase until the lawsuit was resolved. It put the bid for larger rival in jeopardy.[244]

On August 6, 2026, it was announced that a federal judge tossed out an antitrust challenge to the Paramount–Warner Bros. merger that had a group of consumers. The mega-merger failed to establish standing. Regal Cinemas made its support of the Paramount–Warner Bros. public. A prolonged trial would cost hundreds of millions of dollars, which would be better spent on movies.[245][246] On that same day, the Paramount-WBD deal was approved in the United Kingdom by Competition and Markets Authority (CMA).[247] On that same day again, David Zaslav said that Warner Bros. Discovery's employees displayed an “inspiring” work ethic to keep the business humming along. Under the terms of the Paramount merger agreement, Warner Bros. Discovery could enter into bundling agreements and acquire content, and had the flexibility to negotiate extensions or renewals with existing partners (such as the NHL or MLB) as well as content-licensing sales as long as the deals did not extend past December 2028.[248]

On August 7, 2026, it was announced that WarnerMount had been a grueling period for David Ellison after his deal got gummed up in U.S. legal proceedings. Paramount would have to pay Warner shareholders more than $1 billion in ticking fees, before they even got into existential questions about the merger itself.[249] The anti-merger reported that WarnerMount had powerful credibility to the lawsuit. It was the view of Block the Merger, a creative industries coalition that came together to campaign against the union between Paramount and Warner Bros., as the pre-trial press conference would be on February 24, 2027.[250]

Assets

Warner Bros. Discovery includes two primary business divisions: Streaming & Studios and Global Linear Networks.

Streaming & Studios has the following divisions:

Global Linear Networks includes the company's linear cable networks, including Discovery+, Discovery Channel, TLC, Animal Planet, Oprah Winfrey Network, Investigation Discovery, Food Network and Cooking Channel, HGTV, TBS, TNT, TruTV, and The Cartoon Network, Inc. (Cartoon Network, Adult Swim and Boomerang). The division is also led by Channing Dungey.

Warner Bros. Discovery also has minority shares in Vox Media[253] and All Elite Wrestling.[254]

Leadership

References

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  255. 1 2 "Leadership". Warner Bros. Discovery. Archived from the original on August 11, 2022. Retrieved August 5, 2022.
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