Warner Bros. Discovery
A global media and entertainment company created by the 2022 combination of WarnerMedia and Discovery, Inc.
Last updated October 30, 2026
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Overview
Warner Bros. Discovery, Inc. is an American multinational media and entertainment conglomerate headquartered in New York City. It was created on April 8, 2022, when AT&T spun off WarnerMedia and combined it with Discovery, Inc. in a transaction structured as a Reverse Morris Trust. The resulting company brought together Warner Bros.' film and television studios, HBO, CNN, DC, Turner networks and a broad portfolio of international operations with Discovery's factual, lifestyle, sports and entertainment networks and its Discovery+ streaming service. The company operates across two broad areas: Streaming & Studios and Global Linear Networks. Streaming & Studios encompasses Warner Bros. film and television production and distribution, HBO and HBO Max, DC Studios and related franchises, Discovery's streaming products, and other digital and interactive businesses. Global Linear Networks includes advertising-supported cable and satellite channels inherited from WarnerMedia, Discovery and Scripps Networks Interactive. Its portfolio includes CNN, TNT, TBS, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery Channel, TLC, Animal Planet, HGTV, Food Network, Travel Channel and Eurosport, although the exact portfolio varies by market and corporate transactions. Warner Bros. Discovery's assets originate from several major media histories. Warner Bros. was established in Hollywood in 1923 by Harry, Albert, Sam and Jack Warner and developed into one of the leading American film studios, later expanding into television, animation, home entertainment and interactive media. Turner Broadcasting System was founded by Ted Turner in Atlanta in 1965 and became an important cable-network and news operator. Discovery began as Cable Educational Network and launched The Discovery Channel in 1985, later becoming Discovery Communications. Discovery expanded through the acquisition of Scripps Networks Interactive in 2018, adding lifestyle brands such as HGTV and Food Network. The company inherited WarnerMedia after AT&T's 2018 acquisition of Time Warner. Time Warner itself had resulted from the 1990 merger of Warner Communications and Time Inc., while Turner Broadcasting had joined the group in 1996. AT&T subsequently decided to separate WarnerMedia, leading to the transaction with Discovery. The merger was announced in May 2021, approved by relevant regulators and Discovery shareholders, and completed in April 2022. Warner Bros. Discovery began trading on Nasdaq under WBD on April 11, 2022. Its strategic priorities have included integrating HBO Max and Discovery+, controlling content and operating costs, strengthening theatrical film economics, rebuilding the DC entertainment strategy, and balancing streaming investment with the cash generation of linear television networks. The company has also pursued international sports and streaming partnerships, including a joint venture with BT Group in the United Kingdom. Its businesses serve audiences through theatrical films, premium and basic cable television, broadcast and digital news, sports rights, subscription streaming, advertising-supported services, licensing, consumer products and games. The company is led by President and Chief Executive Officer David Zaslav. Its identity combines the Warner Bros. shield with the Discovery wordmark, reflecting the breadth of the merged portfolio. As of the supplied reference material, the company remains active and publicly traded, while a proposed sale to Paramount Skydance was described as subject to regulatory and antitrust proceedings; the status and completion of that proposed transaction require ongoing verification.
History
Warner Bros. Discovery combines the corporate histories of Warner Bros., Turner Broadcasting System, Discovery, Inc., Scripps Networks Interactive and the former Time Warner and WarnerMedia groups. Warner Bros. was founded in 1923 by four Warner brothers and grew from film production into television, animation, home entertainment, games and licensing. Turner Broadcasting began in 1965 under Ted Turner and developed major cable, news and sports operations. Discovery's predecessor was established as Cable Educational Network in 1982; The Discovery Channel launched in 1985 and the business later became Discovery Communications. Warner Communications, the successor to Kinney National, expanded into cable through a joint venture with American Express in 1979. That venture helped establish channels including MTV and Nickelodeon before being sold to the original Viacom. Warner Communications merged with Time Inc. in 1990 to form Time Warner. Time Warner acquired Turner Broadcasting in 1996, bringing CNN, TBS, TNT and other Turner properties into the group. Its 2001 merger with AOL produced AOL Time Warner, but the company returned to the Time Warner name in 2003. Time Warner later separated several non-core businesses, including its cable division, AOL and Time Inc. Discovery expanded through acquisitions and corporate restructuring. In 2018 it purchased Scripps Networks Interactive, adding lifestyle and food brands including HGTV and Food Network, and adopted the Discovery, Inc. name. AT&T acquired Time Warner in 2018 and renamed the resulting media operation WarnerMedia. AT&T later concluded that the media assets should be separated from its telecommunications business. On May 17, 2021, AT&T and Discovery announced that WarnerMedia would be spun off and merged with Discovery. The proposed structure gave AT&T shareholders a majority interest and Discovery shareholders a minority interest, while AT&T received cash and debt consideration. Regulatory approvals followed in the United States, Brazil and the European Union, and Discovery shareholders approved the transaction. Warner Bros. Discovery was formed on April 8, 2022; its shares began trading on Nasdaq on April 11. David Zaslav became chief executive, while Discovery executives filled several senior corporate positions and selected WarnerMedia leaders continued to run major creative businesses. The first phase after closing focused on integration, cost reduction and a revised streaming strategy. Management sought to eliminate duplicated functions, combine technology and content operations, and eventually bring HBO Max and Discovery+ together. CNN+ was discontinued only weeks after launch. The company also reduced or cancelled selected HBO Max projects, including direct-to-streaming films and children's programming, and recorded substantial restructuring and content-impairment charges. Warner Bros. Pictures was reorganized after Toby Emmerich's departure, with Michael De Luca and Pamela Abdy taking senior studio roles. The company also established a longer-term plan for DC film and television properties and expanded its sports organization. Warner Bros. Discovery continues to combine premium scripted entertainment with factual, lifestyle, news and sports programming. Its business model spans theatrical distribution, licensing, pay television, advertising-supported networks, subscription streaming and international partnerships. The supplied reference also describes a later proposed sale to Paramount Skydance and a series of regulatory and antitrust proceedings. Because those events are future-dated relative to the company's 2022 formation and may change, their final outcome should be independently checked before publication.
- 2022
Warner Bros. Discovery is formed
[1]The transaction closes on April 8 and WBD begins Nasdaq trading under WBD on April 11.
- 2021
WarnerMedia and Discovery combination is announced
[1]AT&T and Discovery announce the planned separation and merger that will create Warner Bros. Discovery.
- 2018
Discovery acquires Scripps Networks Interactive
[4]Discovery adds major lifestyle and food networks and becomes Discovery, Inc.
- 1996
Time Warner acquires Turner Broadcasting
[9]Turner's cable and news assets join the Time Warner group.
- 1990
Warner Communications and Time merge
[8]The transaction creates Time Warner, a predecessor of WarnerMedia.
- 1985
The Discovery Channel launches
[7]Discovery's predecessor launches The Discovery Channel, its foundational factual television service.
- 1965
Turner Broadcasting is established
[3]Ted Turner establishes the broadcasting company that later becomes a major cable, news and sports group.
- 1923
Warner Bros. is founded
[2]Harry, Albert, Sam and Jack Warner establish Warner Bros. in Hollywood.
Products and positioning
A diversified global media group combining premium entertainment, film and television studios, news, sports, factual programming, lifestyle networks and streaming platforms.
Streaming service · 2023
Max
Warner Bros. Discovery's premium streaming platform, combining HBO programming with Warner Bros. films and series, Max originals, selected news, factual and lifestyle content, and licensed programming. It is the principal successor to HBO Max in markets where the Max brand is used.
Streaming service · 2021
Discovery+
A subscription streaming service centered on factual, lifestyle, reality, food, home, nature and documentary programming from Discovery and related networks. Its role varies by market as Warner Bros. Discovery develops bundled or unified streaming propositions.
Film studio · 1923
Warner Bros. Pictures
The company's major film studio and distribution operation, responsible for theatrical motion pictures, international releases, home entertainment and licensing. It works with New Line Cinema and supports franchises drawn from Warner Bros. and DC properties.
Premium television · 1972
HBO
A premium television brand known for original drama, comedy, documentary, sports and film programming. HBO content forms a central part of the company's subscription and prestige-entertainment proposition and is distributed through linear channels and streaming products.
News network · 1980
CNN
A global news organization operating television, digital and other media services. CNN is one of the most recognizable assets inherited from Turner Broadcasting and WarnerMedia.
Factual television network · 1985
Discovery Channel
A factual and documentary television network covering science, technology, history, nature, exploration and unscripted entertainment. It is the foundational Discovery brand and is distributed internationally with market-specific schedules.
Entertainment franchise · 1934
DC
The company's comic-book, film, television, animation, games and licensing business built around DC characters and stories. Management has described a long-term plan to coordinate DC productions more systematically across media.
Cable networks
TNT and TBS
General-entertainment cable networks inherited through Turner Broadcasting. Their programming has included scripted series, films, sports and unscripted entertainment, with schedules and strategic emphasis changing as the company adapts to declining linear viewing.
Lifestyle networks
HGTV and Food Network
Lifestyle television brands obtained through Discovery's acquisition of Scripps Networks Interactive. HGTV focuses on home, renovation and real-estate programming, while Food Network centers on cooking, food competitions and culinary personalities.
Controversies
2026
Burbank production company sues Warner Bros. Discovery
In 2026, a Burbank production company filed a lawsuit against Warner Bros. Discovery, according to a report by NBC Los Angeles. The available source text does not specify the claims, legal theories, or subject matter of the lawsuit. It also does not identify the production company or provide further details about the filing. This entry records only the fact of the reported lawsuit and the parties named in the source. No additional allegations, outcomes, or responses from Warner Bros. Discovery are included because they are not provided in the available material.
2026
Paramount Skydance settles with state attorneys general over antitrust concerns tied to Warner Bros. Discovery acquisition
Paramount Skydance reached a settlement with a group of state attorneys general concerning antitrust concerns tied to its pending acquisition of Warner Bros. Discovery. The agreement requires the combined company to release at least 30 films in theaters in 2027 and 2028, and at least 32 films in each of 2029 through 2031. At least 20 wide releases must appear in more than 2,000 theaters in each of the first two years after closing, rising to 21 in the following three years. At least 20% of annual releases must be tentpole films, defined as having budgets of at least $50 million. If the annual quotas are not met, Paramount agreed to a $30 million fine per film, with 90% paid to film workers and 10% to the National Association of Attorneys General.
2026
Paramount antitrust lawsuit settlement
A lawsuit brought by 12 U.S. states opposing the Paramount–Warner Bros. Discovery transaction reached a settlement, which a report described as removing the last obstacle to the deal proceeding. The states had argued that the transaction would reduce competition in television and film markets.
Marketing campaigns
- 2022Warner Bros. Discovery corporate launch
Global
The company introduced its new identity after the WarnerMedia–Discovery merger, using the Warner Bros. shield and a positioning centered on the combined depth of its entertainment and factual-media portfolio.
Outcome. Established the post-merger corporate brand.
Brand decisions
2026
Proposed sale to Paramount SkydanceM&ABackground
The supplied reference describes an announced proposed acquisition valued at US$110 billion, followed by regulatory and antitrust proceedings.
Action taken
Warner Bros. Discovery and Paramount Skydance pursued the proposed transaction, subject to approvals and litigation.
Aftermath
The supplied reference describes delays and a planned antitrust trial; completion and final legal outcome require verification.
Proposed transaction value. US$110 billion (2026 proposed transaction)
2022
Discontinue CNN+StrategyBackground
The newly merged company considered the standalone news streaming service inconsistent with its broader platform-integration plans.
Action taken
Management ended CNN+ shortly after its launch and redirected attention toward a unified streaming strategy.
Aftermath
The decision became an early symbol of the post-merger restructuring and produced significant criticism from employees and media observers.
2022
Reduce direct-to-streaming film productionStrategyBackground
Management argued that selected direct-to-streaming films did not provide sufficient economic or audience value compared with theatrical releases.
Action taken
The company cancelled or removed selected projects, including Batgirl and Scoob! Holiday Haunt, and shifted emphasis toward theatrical distribution.
Aftermath
The company recorded content impairments and faced criticism over the treatment of creators, completed projects and platform availability.
2022
Plan the combination of HBO Max and Discovery+Generation changeBackground
The merged company sought to reduce duplicated technology and content offerings and address subscriber churn by presenting a broader service.
Action taken
Management announced plans to combine or bundle the two streaming products, with implementation staged by market.
Aftermath
The plan led to the launch of Max in the United States and continued market-by-market changes to the streaming portfolio.
2022
Reorganize Warner Bros. film operationsStrategyBackground
Toby Emmerich left the studio leadership after the merger and established a separately financed production company.
Action taken
Michael De Luca and Pamela Abdy became senior leaders of Warner Bros. Pictures and New Line Cinema, while related film units were reorganized.
Aftermath
The changes were part of a broader effort to clarify studio accountability and develop a longer-term DC strategy.
2022
Agree to a sports joint venture with BT GroupM&ABackground
Warner Bros. Discovery sought to combine its UK Eurosport activities with BT Sport.
Action taken
The parties agreed to contribute the relevant channels and assets to a 50/50 UK sports joint venture, later known as TNT Sports.
Aftermath
The arrangement strengthened the company's position in UK sports broadcasting.
Recent events
Paramount and Warner Bros. Discovery merger finalized[15]
Reported:
The report says Paramount and Warner Bros. Discovery finalized their merger transaction. It also says the transaction had cleared all obstacles and was planned to complete on October 6, leaving the completion timing unclear.
Paramount antitrust lawsuit settlement[14]
Reported:
A lawsuit brought by 12 U.S. states opposing the Paramount–Warner Bros. Discovery transaction reached a settlement, removing what the report describes as the last obstacle to the deal proceeding. The states had argued that the transaction would reduce competition in television and film markets.
Paramount completes $110 billion acquisition of Warner Bros. Discovery[16]
Reported:
Paramount Skydance closes its acquisition of Warner Bros. Discovery on Tuesday, Oct. 6, 2026, in a deal valued at an estimated $110 billion on an enterprise basis, taking control of WBD's film studio, TV networks and HBO Max streaming business. The closing follows competing bids, an antitrust lawsuit by state attorneys general and a subsequent settlement.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Ynon Kreiz appointed co-CEO of Skydance, the combined Paramount Skydance and Warner Bros. Discovery[17]
Reported:
Outgoing Mattel CEO Ynon Kreiz has been appointed co-CEO of the combined Paramount Skydance and Warner Bros. Discovery, to be named simply Skydance, joining Paramount Skydance on Monday and becoming co-CEO on Tuesday when the merger closes. The company said Ellison will focus on long-term strategy, creative vision, technology and capital allocation, while Kreiz will be responsible for day-to-day management and the integration of the combined businesses.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Paramount completes acquisition of Warner Bros. Discovery, forming combined company Skydance[18]
Reported:
On Oct 6, 2026, Skydance Corporation (f/k/a Paramount Skydance Corporation), referred to as Paramount, announced the completion of its acquisition of Warner Bros. Discovery, Inc. (WBD), creating a combined company named Skydance. The transaction closed following receipt of all required regulatory approvals, with unanimous approval from competition authorities covering nearly 70 jurisdictions. Skydance Class B shares began trading on the NYSE under ticker "SKYD" the same day, and WBD shares ceased trading on Nasdaq, with WBD shareholders receiving $31.01666668 per share in cash.
Paramount Skydance completes about $110 billion acquisition of Warner Bros. Discovery; combined parent named Skydance, shares move to NYSE as SKYD[19]
Paramount Skydance has completed its roughly US$110 billion acquisition of Warner Bros. Discovery, one of the largest media mergers in US history, creating a new parent company named Skydance that combines film and TV studios with networks and streaming services including CBS, CNN, Paramount+ and HBO Max. The combined company's shares transferred from Nasdaq to the New York Stock Exchange on Tuesday under the ticker 'SKYD'. Warner Bros. Discovery shareholders approved the merger agreement in April, and a federal judge approved in late September an antitrust settlement between Paramount Skydance and the attorneys general of 12 states, clearing the final legal obstacle for the deal.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
- Unconfirmed
Burbank production company sues Warner Bros. Discovery[11]
Reported:
A Burbank production company has filed a lawsuit against Warner Bros. Discovery, as reported by NBC Los Angeles. The specific claims and subject matter of the lawsuit are not specified in the available source text.
Paramount and Warner Bros. Discovery to operate as Skydance once merger closes[20]
Reported:
Paramount CEO David Ellison announced on Friday that Paramount and Warner Bros. Discovery will operate as Skydance once their roughly $110 billion merger closes, with the deal expected to close October 6. The combined company will bring together Paramount+ and HBO Max, networks including CBS, CNN, MTV, TBS, Comedy Central, and Food Network, and franchises such as "The Lord of the Rings," "Game of Thrones," the DC Universe, and "Yellowstone."
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
- Unconfirmed
Paramount Skydance settles with state attorneys general over antitrust concerns tied to Warner Bros. Discovery acquisition[13]
Reported:
Paramount Skydance reached a settlement with a group of state attorneys general over antitrust concerns tied to its pending acquisition of Warner Bros. Discovery. Under the agreement, the combined company must release at least 30 films in theaters in 2027 and 2028 and at least 32 films in each of 2029 through 2031, including at least 20 wide releases in more than 2,000 theaters in each of the first two years after closing (rising to 21 in the following three years), with at least 20% of annual releases being tentpole films defined as having budgets of at least $50 million. Paramount agreed to face a $30 million fine per film if it falls short of the annual quotas, with 90% of the fines paid to film workers and 10% to the National Association of Attorneys General.
- Unconfirmed
Paramount Skydance reaches antitrust settlement with states over Warner Bros. Discovery purchase[21]
Reported:
Paramount Skydance reached an antitrust settlement with U.S. states concerning its purchase of Warner Bros. Discovery.
Showing the 10 most recent.
Sources34 sources
- 1Warner Bros. Discoveryen.wikipedia.org
- 2Warner Bros.en.wikipedia.org
- 3Turner Broadcasting Systemen.wikipedia.org
- 4Discovery, Inc.en.wikipedia.org
- 5Maxen.wikipedia.org
- 6CNN+en.wikipedia.org
- 7The Discovery Channel launchesen.wikipedia.org
- 8Warner Communications and Time mergeen.wikipedia.org
- 9Time Warner acquires Turner Broadcastingen.wikipedia.org
- 10Agree to a sports joint venture with BT Groupen.wikipedia.org
- 11Burbank production company sues Warner Bros. Discoverynews.google.com
- 12Burbank production company sues Warner Bros. Discoveryepochtimes.com
- 13Paramount Skydance settles with state attorneys general over antitrust concerns tied to Warner Bros. Discovery acquisitioncnbc.com
- 14Paramount antitrust lawsuit settlementent.sina.com.cn
- 15派拉蒙与华纳兄弟探索合并交易敲定ent.sina.com.cn
- 16派拉蒙完成对华纳兄弟探索约1100亿美元的收购cnbc.com
- 17伊农·克雷兹获任Skydance（派拉蒙天舞与华纳兄弟探索合并后公司）联席首席执行官cnbc.com
- 18派拉蒙完成对华纳兄弟探索公司的收购，组建合并公司Skydanceprnewswire.com
- 19派拉蒙天舞完成对华纳兄弟探索约1100亿美元的收购，合并后母公司命名Skydance并转板纽交所finance.qianlong.com
- 20派拉蒙与华纳兄弟探索合并完成后将以 Skydance 名称运营techcrunch.com
- 21派拉蒙天空之舞就收购华纳兄弟探索交易与各州达成反垄断和解news.google.com
- 22派拉蒙就阻止其1100亿美元收购华纳兄弟探索的反垄断诉讼达成和解theverge.com
- 23华纳兄弟探索为HBO Max收购《Diabolical: The Epstein Files》国际发行权advanced-television.com
- 24多州总检察长起诉阻止派拉蒙天舞收购华纳兄弟探索nevadanewsandviews.com
- 25Discovery 宣布合并后公司名称为 Warner Bros. Discoverytheverge.com
- 26Burbank production company sues Warner Bros. Discovery - NBC Los Angelesnews.google.com
- 27David Ellison says combined Paramount and Warner Bros. Discovery will be named Skydancecnbc.com
- 28From films to streaming prices - how the Warner Bros deal could affect youbbc.co.uk
- 29Opinion | Paramount and Warner Bros. Discovery are finally one company. So what happens now? - Poynternews.google.com
- 30Paramount has acquired Warner Bros. Discovery for about $110 billionthepostathens.com
- 31Paramount officially merges with Warner Bros. Here’s how we got here - Fast Companynews.google.com
- 32Paramount settles lawsuit with US states, helping clear way for $110bn merger with Warner Brosbbc.co.uk
- 33Paramount settles with California, other states over Warner Bros merger, Bloomberg News reports - Reutersnews.google.com
- 34Paramount takes over Warner Bros in $110bn Hollywood mergerbbc.co.uk
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