Warner Bros. Discovery

Warner Bros. Discovery, Inc. (WBD) is a multinational mass media and entertainment conglomerate based in New York City. The company was created through the merger of WarnerMedia and Discovery, Inc., following the spin-off of WarnerMedia by AT&T. This merger, which took place on April 8, 2022, brought together a wide range of properties and business units under one umbrella.

WBD's portfolio consists of nine distinct business units, each with its own focus and expertise. The flagship division is Warner Bros., renowned for its film and television studios. Additionally, WBD encompasses DC Entertainment, the publisher of popular comic books, and Home Box Office, Inc., which includes the well-known HBO network. The U.S. Networks unit incorporates a majority of the ad-supported cable networks from WBD's predecessors, such as Discovery, Scripps Networks, Turner Broadcasting, and Warner. CNN, a prominent news network, is also part of the company.

The Sports division of WBD includes various properties like Motor Trend Group, AT&T SportsNet, TNT Sports, and Eurosport, among others. The Global Streaming & Interactive Entertainment unit focuses on streaming services, with Discovery+ and HBO Max as prominent platforms. This division also includes Warner Bros. Games, a video game publisher. Additionally, WBD has International Networks and holds minority and majority stakes in The CW and the Food Network, respectively, alongside Nexstar Media Group and Paramount Global.

Warner Bros., Turner Broadcasting System, Scripps Networks Interactive, and Discovery, Inc. have intertwined histories that have led to their current state. Warner Bros. was founded in 1923 by the Warner brothers and initially established itself as a leader in the American film industry. Over time, it expanded into animation, television, and video games, becoming one of the major American film studios. 

Turner Broadcasting System, founded by Ted Turner in 1965, was based in Atlanta and grew to include cable channels such as MTV and Nickelodeon. Kinney National Company later became Warner Communications and merged with Time Inc. in 1990 to form Time Warner.

In 1979, Warner formed a joint venture with American Express called Warner-Amex Satellite Entertainment, which owned cable channels like MTV and VH1. Warner later bought out American Express's stake and sold the venture to Viacom, which renamed it MTV Networks. Warner also acquired Popular Library from CBS Publications in 1982. In 1985, Cable Education Network was founded and eventually became Discovery Communications. Scripps Networks Interactive was spun off from E. W. Scripps Company's cable division in 2008.

Time Warner acquired Turner Broadcasting System in 1996, and the company later merged with AOL in 2001 to become AOL Time Warner. The company spun off its cable division and AOL in 2009, and Time Inc. was spun out in 2013. In 2018, Discovery Communications acquired Scripps Networks Interactive and became Discovery, Inc., while AT&T acquired Time Warner. In 2019, AT&T dissolved the Turner Broadcasting System as part of its reorganization of media assets.

On May 16, 2021, AT&T and Discovery announced a merger agreement to create a new publicly traded company. 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 Discovery shareholders holding a 29% interest. The new company, led by Discovery's CEO David Zaslav, would aim to spend $20 billion annually on content and expand their streaming services, including WarnerMedia's HBO Max, to reach 400 million global subscribers. On June 1, 2021, it was announced that the merged company would be known as Warner Bros. Discovery, combining Warner Bros.' storytelling legacy with Discovery's integrity and innovation.

In November 2021, Discovery Inc. and AT&T faced disagreements over the ownership of the new company and the debt transferred to Discovery during their merger with WarnerMedia. However, talks resumed in May 2021. Discovery Streaming CEO JB Perrette discussed the possibility of bundling Discovery+ with HBO Max and merging the two platforms under a single entity. The goal of this transition was to launch a unified platform in markets where Discovery+ had not yet launched. The European Commission approved the transaction in December 2021, and on January 26, 2022, AT&T CEO John Stankey announced that the merger was expected to close in the second quarter of 2022. The merger was approved by Discovery's shareholders on March 11, 2022, and it officially completed on April 8, 2022, with the company's stock trading on the Nasdaq starting April 11.

After the merger, Warner Bros. Discovery retained several top executives from WarnerMedia and filled other leadership roles with Discovery counterparts. CEO David Zaslav emphasized the need for a unified culture within the company and announced plans for $3 billion in cost savings. The merger aimed to reduce subscriber churn by offering a broader range of content through the planned merger of HBO Max and Discovery+.

Warner Bros. Discovery (WBD) made several changes to its executive positions. Kids, Young Adults, and Classics content will now fall under Warner Bros. Television, and Kathleen Finch will oversee U.S. Networks. Additionally, WBD announced a joint venture with BT Group for their BT Sport and UK Eurosport channels. Luis Silberwasser was appointed as chairman of Sports. WBD reported its second-quarter earnings, with revenue of $9.8 billion and a net loss of $2.2 billion. The company made cuts to HBO Max, including new programming development and direct-to-streaming films. WBD confirmed the renewal of contracts with key HBO executives and revealed plans for a 10-year strategy for DC Films. 

In August, HBO underwent reorganization, and Nexstar acquired a controlling interest in The CW. CEO David Zaslav addressed sale rumors, stating that WBD is not for sale. Warner Bros. Television Group implemented a restructuring that led to layoffs and consolidation of operations. Nexstar completed its acquisition of The CW, and James Gunn and Peter Safran were appointed co-CEO and co-chairmen of DC Films, which will be rebranded as DC Studios. WBD announced licensing agreements with The Roku Channel and Tubi. The plans to merge Discovery+ with HBO Max were amended, with Discovery+ remaining operational alongside the unified service.

Warner Bros. Discovery's mission is to create and distribute compelling content across various platforms and media formats, entertaining and engaging audiences worldwide. As a leading global entertainment company, their goal is to deliver high-quality content that captivates and resonates with diverse audiences, spanning different age groups and demographics.

Through their extensive portfolio of brands, including Warner Bros., HBO, Discovery, CNN, Cartoon Network, and many others, Warner Bros. Discovery aims to provide a wide range of entertainment experiences that cater to the evolving preferences and interests of their viewers. They strive to produce innovative and immersive storytelling, leveraging their rich intellectual property and creative talent to deliver exceptional content in the form of movies, TV shows, documentaries, and digital media.

By combining the strengths of Warner Bros. and Discovery, they seek to leverage their extensive content libraries, global reach, and technological capabilities to continue pushing boundaries in the entertainment industry. With a commitment to creativity, diversity, and audience engagement, Warner Bros. Discovery aspires to be a leader in delivering compelling entertainment experiences that entertain, inform, and inspire audiences around the world.

Warner Bros. Discovery's vision is to be a global powerhouse in the entertainment industry, recognized for their exceptional content, innovative storytelling, and unparalleled consumer experiences. They aspire to be at the forefront of shaping the future of entertainment, embracing new technologies and platforms to deliver immersive and engaging content to audiences worldwide.

With a focus on creativity, collaboration, and audience-centric approach, Warner Bros. Discovery aims to be the go-to destination for high-quality and diverse entertainment experiences. They strive to create a vast and diverse content ecosystem that appeals to a wide range of audiences, spanning different genres, demographics, and regions. Their vision encompasses expanding their global presence, cultivating strong relationships with creators, talent, and partners, and constantly pushing boundaries to deliver groundbreaking and transformative entertainment.

Warner Bros. Discovery envisions a world where their content captivates and connects people, transcending cultural and geographical boundaries. They seek to inspire, entertain, and inform audiences through their stories, leaving a lasting impact on individuals and communities. By staying at the forefront of industry trends, embracing innovation, and nurturing creative talent, Warner Bros. Discovery aims to shape the future of entertainment and continue to be a leader in the global media landscape.

Warner Bros. Discovery encompasses a wide range of brands, products, and services in the entertainment industry. These include:

Warner Bros. Entertainment: This division includes various assets such as DC Studios, Turner Entertainment, Warner Bros. Theatre Ventures, The Wolper Organization, WaterTower Music, and Warner Bros. Studio Operations.

Warner Bros. Pictures Group: Responsible for filmed entertainment and theatrical businesses, including Warner Bros. Pictures, New Line Cinema, Warner Animation Group, and Castle Rock Entertainment. It is led by Michael De Luca and Pamela Abdy.

Warner Bros. Television Group: Manages a network of television production companies, including Warner Bros. Television, Telepictures, Alloy Entertainment, Warner Bros. Animation, Cartoon Network Studios, Williams Street, and Warner Horizon Unscripted Television. Channing Dungey leads this division.

Home Box Office, Inc. (HBO): Parent company of the premium television services HBO and Cinemax. Oversees the production of HBO Max Originals and Magnolia Network. Casey Bloys serves as chairman and CEO.

CNN Global: Operates the CNN news channel, HLN, and international CNN branches. Led by Chris Licht.

DC Entertainment: Includes DC Comics and its associated intellectual properties, working with other divisions on content adaptations for films, TV series, and video games.

Warner Bros. Discovery U.S. Networks: Owns and operates linear cable networks in the United States, including Discovery Communications, Scripps Networks Interactive, and Turner Broadcasting System channels. Kathleen Finch leads this division.

Warner Bros. Discovery Sports: Manages domestic and international sports businesses, including MLB Network, NBA TV, Eurosport, BT Sport, and Warner Bros. Discovery Sports Latin America. Led by Luis Silberwasser.

Warner Bros. Discovery Global Streaming & Interactive Entertainment: Oversees direct-to-consumer platforms such as HBO Max and Discovery+, Warner Bros. Games, and Rooster Teeth. JB Perrette leads this division.

Warner Bros. Discovery Global Brands and Experiences: Manages Warner Bros. theme parks, studio tours, and other business segments like Global Content Distribution and Advertising Sales. Bruce Campbell serves as Chief Revenue Officer.

Warner Bros. Discovery International: Focuses on regional variations and operations of domestic television channels in different markets. It includes Warner Bros. Discovery Asia-Pacific, Warner Bros. Discovery EMEA, TVN Warner Bros. Discovery (Poland), and Warner Bros. Discovery Americas.

These divisions collectively represent the vast and diverse portfolio of Warner Bros. Discovery, covering film and TV production, premium television, news media, sports, streaming services, gaming, theme parks, and more.