# Warner Bros. Discovery
> WBD · New York, New York
- Profile type: Company
- Profile status: comprehensive
- Last updated: 2026-04-26T00:00:00.000Z
- Canonical URL: https://thestateofstreaming.com/companies/warner-bros-discovery-2/
- Also known as: WBD, Warner Bros Discovery, Warner Bros. Discovery, Inc., WarnerMedia
## Summary
Warner Bros. Discovery (NASDAQ: WBD) is the U.S. media conglomerate formed in April 2022 by AT&T's spinoff of WarnerMedia and merger with Discovery, Inc. It operates HBO Max, the Warner Bros. studios, CNN, TNT Sports, Discovery, and a portfolio of cable networks. As of April 2026 the company is the target of Paramount Skydance's $31-per-share, all-cash acquisition, which WBD shareholders approved on April 23, 2026 with a Q3 2026 targeted close.

## Company facts

- Ticker: WBD
- Founded: 2022
- Headquarters: New York, New York
- Employees: 35,500
- Domain: wbd.com
- CEO: david zaslav (https://thestateofstreaming.com/people/david-zaslav/)


## Latest metrics

- Revenue: $37.296 billion (FY2025)
- Subscribers: 131.6 million streaming subscribers (as of Dec. 31, 2025)
- As of: 2025-12-31
- Source: https://www.wbd.com/news/warner-bros-discovery-reports-fourth-quarter-and-full-year-2025-results


## Recent filings

- 2026-04-23 — 8-K (Item 5.07): Special meeting vote results — merger agreement with Paramount Skydance adopted by ~99% of votes cast; advisory vote on merger-related NEO compensation rejected by ~82%; quorum 70.3% of outstanding shares. (https://www.sec.gov/Archives/edgar/data/1437107/000119312526173660/d435468d8k.htm)
- 2025-02-27 — 10-K: FY2024 annual report. Total revenue $39.3 billion (4% ex-FX decrease YoY); 116.9 million DTC subscribers as of December 31, 2024; Q4 Adjusted EBITDA $2.7 billion (+11% ex-FX). (https://www.sec.gov/Archives/edgar/data/1437107/000143710725000031/wbd-20241231.htm)


## Key facts

- Warner Bros. Discovery was formed on April 8, 2022 through AT&T's spinoff of WarnerMedia and merger with Discovery, Inc., structured as a Reverse Morris Trust in which AT&T shareholders held 71% of the new company and Discovery shareholders held 29%. — Wikipedia (corroborates AT&T 8-K disclosures): https://en.wikipedia.org/wiki/Warner_Bros._Discovery
- WBD reported total 2024 revenue of $39.3 billion and ended 2024 with 116.9 million direct-to-consumer subscribers, per the company's 10-K filed with the SEC on February 27, 2025. — WBD 10-K, FY2024: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000031/wbd-20241231.htm
- WBD reported total 2025 revenue of $37.296 billion and 131.6 million streaming subscribers as of December 31, 2025, per the company's full-year 2025 results released February 26, 2026. — Warner Bros. Discovery Q4 and Full-Year 2025 Results: https://www.wbd.com/news/warner-bros-discovery-reports-fourth-quarter-and-full-year-2025-results
- Warner Bros. Discovery shareholders approved the Paramount Skydance merger agreement on April 23, 2026 by 1,742,843,087 votes for to 16,260,135 against — roughly 99% of votes cast — with 70.3% of outstanding shares represented, per WBD's 8-K filing with the SEC. — WBD Form 8-K, Item 5.07: https://www.sec.gov/Archives/edgar/data/1437107/000119312526173660/d435468d8k.htm
- At the same April 23, 2026 special meeting, WBD shareholders rejected the merger-related compensation packages for named executive officers on a nonbinding advisory vote — 1,444,387,748 shares against versus 307,742,302 in favor, roughly 82% opposed. — WBD Form 8-K, Item 5.07: https://www.sec.gov/Archives/edgar/data/1437107/000119312526173660/d435468d8k.htm
- Under the merger agreement, WBD shareholders will receive $31.00 per share in cash; the deal is targeted to close in Q3 2026 and carries a $0.25-per-share quarterly ticking fee if it has not closed by September 30, 2026. — WBD press release: https://www.wbd.com/news/warner-bros-discovery-sets-shareholder-meeting-date-april-23-2026-approve-transaction
- David Zaslav has served as President and CEO of Warner Bros. Discovery since the company's April 8, 2022 formation; he was previously CEO of Discovery, Inc. from 2006 onward. — WBD Leadership page: https://www.wbd.com/leadership/david-zaslav
- Reelgood for Business analysis published March 4, 2026 estimated the combined HBO Max plus Paramount+ catalog at roughly 53,000 content hours and the full Paramount-WBD portfolio including Discovery+ and Pluto TV at roughly 131,000 hours — about 2.8 times Netflix's U.S. catalog. — Reelgood for Business, By the Numbers (David Markowitz): https://data.reelgood.com/what-combined-paramount-wbd-content-library-actually-looks-like/
- Paramount Skydance, on behalf of WBD, paid Netflix a $2.8 billion termination fee in connection with the February 27, 2026 termination of the Netflix–WBD Amended and Restated Merger Agreement; Netflix recorded the fee in 'Interest and other income (expense)' for Q1 2026. — Netflix Q1 2026 10-Q, Note 6: https://www.stocktitan.net/sec-filings/NFLX/10-q-netflix-inc-quarterly-earnings-report-6f0f12e2e192.html
- WBD is headquartered at 230 Park Avenue South, New York; the company reported approximately 35,500 employees as of December 31, 2025. — Wikipedia (corroborated by WBD 10-K disclosure): https://en.wikipedia.org/wiki/Warner_Bros._Discovery


## Related

- david zaslav (President and CEO) — https://thestateofstreaming.com/people/david-zaslav/
- jb perrette (CEO of Global Streaming and Games) — https://thestateofstreaming.com/people/jb-perrette/
- paramount skydance corporation (Acquirer (announced merger; pending close Q3 2026)) — https://thestateofstreaming.com/companies/paramount-skydance-corporation/
- paramount global (Predecessor entity to Paramount Skydance acquirer) — https://thestateofstreaming.com/companies/paramount-global/
- netflix (Prior would-be acquirer (terminated Feb 27, 2026); category competitor) — https://thestateofstreaming.com/companies/netflix/
- comcast corporation (Cable-network and streaming competitor) — https://thestateofstreaming.com/companies/comcast-corporation/
- the walt disney company (Streaming and cable competitor) — https://thestateofstreaming.com/companies/the-walt-disney-company/
- david ellison (CEO of Paramount Skydance, the announced acquirer) — https://thestateofstreaming.com/people/david-ellison/


## External coverage

- 2026-04-23 — Warner Bros. Discovery: Warner Bros. Discovery Stockholders Approve Transaction with Paramount Skydance (https://www.wbd.com/news/warner-bros-discovery-stockholders-approve-transaction-paramount-skydance)
- 2026-04-23 — U.S. Securities and Exchange Commission: WBD Form 8-K — Special Meeting Vote Results (Item 5.07) (https://www.sec.gov/Archives/edgar/data/1437107/000119312526173660/d435468d8k.htm)
- 2025-02-27 — U.S. Securities and Exchange Commission: WBD Annual Report on Form 10-K (FY2024) (https://www.sec.gov/Archives/edgar/data/1437107/000143710725000031/wbd-20241231.htm)
- 2026-02-26 — Warner Bros. Discovery: Warner Bros. Discovery Reports Fourth Quarter and Full Year 2025 Results (https://www.wbd.com/news/warner-bros-discovery-reports-fourth-quarter-and-full-year-2025-results)
- 2026-04-13 — UK Competition and Markets Authority: Paramount / Warner Bros. Discovery merger inquiry (https://www.gov.uk/cma-cases/paramount-slash-warner-bros-discovery-merger-inquiry)
- 2026-04-23 — Variety: Warner Bros. Discovery Shareholders Overwhelmingly Approve Paramount Megadeal, but Vote Against Exit Pay Packages for Zaslav and Other Execs (https://variety.com/2026/film/news/warner-bros-discovery-paramount-shareholder-approval-zaslav-pay-package-1236727798/)
- 2026-03-04 — Reelgood for Business (David Markowitz): What the Combined Paramount-WBD Content Library Actually Looks Like (https://data.reelgood.com/what-combined-paramount-wbd-content-library-actually-looks-like/)
- Warner Bros. Discovery: Warner Bros. Discovery Leadership (https://www.wbd.com/leadership/)

## Profile
Warner Bros. Discovery is the post-merger holding company for the Warner Bros. studios, HBO and HBO Max, CNN, TNT Sports, Discovery's non-fiction networks, and a portfolio of legacy cable brands including TBS, TNT, truTV, HGTV, and Food Network. Created in April 2022 from AT&T's spinoff of WarnerMedia and merger with Discovery, Inc., it competes in U.S. premium SVOD against Netflix, Disney, and Paramount; in linear-cable advertising against Comcast NBCUniversal, Disney, and Paramount; and in studio production against Disney, Universal, Sony, and Paramount.

The active corporate event on this profile is Paramount Skydance Corporation's $31-per-share, all-cash acquisition of WBD, agreed February 27, 2026 after WBD's board declared Paramount's bid superior to a previously-signed Netflix transaction. WBD shareholders approved the deal on April 23, 2026 by roughly 99% of votes cast, on the same ballot at which they rejected merger-related executive compensation by roughly 82%. The transaction targets a Q3 2026 close, subject to U.S., U.K., and EU regulatory clearances. The U.K. Competition and Markets Authority opened an invitation-to-comment phase on April 13, 2026, with the public comment period closing April 27.

Coverage of the merger and WBD's role in the broader streaming-consolidation arc lives across [our business-deals coverage](/sections/business-deals/) and the [streaming-wars data story](/measurement-data/2026/04/streaming-wars-era-ended-2025-data-story/).

## Tags

- streaming
- media-conglomerate
- hbo-max
- cable-networks
- paramount-merger
- upfront-2026

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