Warner Bros. Discovery

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 and the streaming-wars data story.