Warner Bros. Discovery
Owner of HBO Max, CNN, TNT and Discovery, now agreed to be acquired by Paramount Skydance.
New York, USA · founded 2022 · wbd.com
WBD NASDAQ
What Warner Bros. Discovery does
Warner Bros. Discovery formed in 2022 from the merger of WarnerMedia and Discovery. It owns the Warner Bros. studio, HBO Max, CNN, TNT, TBS, Discovery and HGTV, and sells ads across its TV networks and the ad-supported tier of HBO Max.
After a bidding contest in late 2025 and early 2026, WBD agreed to be acquired by Paramount Skydance for $31 per share in cash. As of late 2026 the deal awaits the outcome of a lawsuit and remaining approvals, so WBD still trades publicly.
How it makes money
Advertising on TV networks and streaming, distribution fees, HBO Max subscriptions, and film and TV production and licensing.
Where it meets invalid traffic
Premium inventory is lower risk, but spoofed CTV supply claiming to be WBD apps is a known CTV fraud pattern, so buyers check sellers.json paths.
Products
- HBO Max with ads
- WBD Advertising
- Olli (ad platform)
- NEO
Quarterly revenue
From SEC XBRL filings · latest quarter -11.2% year on yearQuarterly net income
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B |
| Net income | $1B | $-7.4B | $-3.1B | $-11.3B | $727M |
| Diluted EPS | $1.54 | $-3.82 | $-1.28 | $-4.62 | $0.29 |
Latest Warner Bros. Discovery news
Search allMediaocean Integrates Prisma Direct with Warner Bros. Discovery Advertising
Mediaocean has announced that Warner Bros. Discovery Advertising will connect with its Prisma Direct platform. This integration aims to automate and streamline media buying for agencies and brands across WBD’s programming portfolio.
Warner Bros. Discovery Joins Prisma Direct as Second Media Partner
Warner Bros. Discovery has become the second media partner for Prisma Direct, giving agencies on Prisma access to Neo, WBD's self-serve TV platform launched in 2025. The development raises questions about the future of this integration if…
UK Video Ad Spend Rises as Consumers Scrutinize Brands’ Use of AI
Video advertising expenditure is increasing in the UK, reflecting ongoing growth in the digital video sector. Meanwhile, consumers are expressing concerns about how brands are utilizing artificial intelligence in their advertising…
Paramount Settles Antitrust Lawsuit over WBD Merger
The proposed settlement includes concessions to protect editorial independence of CBS and CNN, film output levels, workers impacted by layoffs and restrictions on cable network price hikes
SEC filings
EDGAR| Filed | Form | What it is |
|---|---|---|
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Results of operations (earnings) · Regulation FD disclosure · Financial statements and exhibits |
| 2026-06-12 | 8-K | Shareholder vote |
| 2026-06-04 | 8-K | Material agreement · Item 2.03 · Financial statements and exhibits |
| 2026-05-27 | 8-K | Material agreement · Item 3.03 · Other events · Financial statements and exhibits |
| 2026-05-19 | 8-K | Other events · Financial statements and exhibits |
| 2026-05-06 | 8-K | Results of operations (earnings) · Regulation FD disclosure · Financial statements and exhibits |
| 2026-05-06 | 10-Q | Quarterly report |
| 2026-04-30 | DEF 14A | DEF 14A |
| 2026-04-30 | 8-K | Executive or director change · Financial statements and exhibits |
| 2026-04-23 | 8-K | Shareholder vote |
| 2026-03-26 | DEFM14A | DEFM14A |
| 2026-03-16 | 8-K | Executive or director change · Financial statements and exhibits |
| 2026-02-27 | 8-K | Material agreement · Agreement terminated · Regulation FD disclosure · Other events · Financial statements and exhibits |
| 2026-02-27 | 10-K | Annual report |
| 2026-02-26 | 8-K | Results of operations (earnings) · Regulation FD disclosure · Financial statements and exhibits |
| 2026-02-18 | 8-K | Material agreement · Item 2.03 · Financial statements and exhibits |
| 2026-02-17 | DEFM14A | DEFM14A |
| 2026-01-20 | 8-K | Material agreement · Regulation FD disclosure · Financial statements and exhibits |
| 2026-01-07 | 8-K | Executive or director change · Financial statements and exhibits |