Warner Bros. Discovery (WBD)
Runs HBO Max, Warner Bros. studios, and global news, sports, and lifestyle networks.
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Warner Bros. Discovery is a film and television factory attached to a vast set of streaming services and cable channels. Cable still supplies most of the profit, but audiences and revenue are moving toward streaming while studio results swing with each release slate. The company is trying to make that migration without losing the cash that pays for content and a heavy debt load.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 11 more below
HBO Max, discovery+ and HBO
The streaming family had roughly 132 million qualifying subscriptions at FY2025 year-end and kept growing. Watch whether rising subscriber revenue can outrun slower industry growth and the shrinking cable business.
Competes with Netflix (Netflix) · Disney+ and Hulu (Disney)
In plain English
Think of this as WBD's own video shelf: viewers open HBO Max or discovery+ and choose from films, series, news, sports, and reality shows. HBO is both a source of premium programs and a familiar name that helps sell the shelf.
Households pay monthly, either directly or through a cable or internet package. About two-fifths of HBO Max viewers chose a cheaper version with commercials by mid-2026, so WBD can collect both subscription fees and advertising money. The model works best when a deep supply of shows keeps people from canceling.
Warner Bros. Television Group
A large television production house with more than 80 active shows in August 2026. Its health depends on steady orders, on-time delivery, and keeping rights that can earn again later.
Competes with 20th Television (Disney) · CBS Studios (Paramount)
In plain English
A television studio is a workshop that turns ideas into finished series. Warner Bros. Television Group makes dramas, comedies, reality programs, and animation for WBD's own outlets and for outside buyers such as Apple TV.
A buyer pays for the first chance to show a series, helping cover production. WBD can then earn more when retained shows move to other services or return years later from its library. That makes a durable hit more valuable than a one-time delivery, but labor delays, tighter buyer budgets, or a missed deadline can push the payment into another quarter.
Warner Bros. Motion Picture Group and DC Studios
The film business earns repeatedly from one release, but timing makes it jumpy: theatrical product revenue fell 46% in Q2 FY2026. Watch whether a larger 2027 slate produces enough hits to refill later sales.
Competes with Walt Disney Studios and Marvel Studios (Disney) · Universal Pictures (NBCUniversal)
In plain English
A movie begins as a costly production made years before anyone buys a ticket. Warner Bros. Pictures, New Line, its animation arm, and DC Studios develop and release these films, from stand-alone stories to ones built around familiar characters.
The theater is only the first place a film earns money. After cinemas, it can be sold or rented at home, offered to streaming and television services, and used in merchandise or other licensed products. A successful opening lifts all those later chances; a miss leaves fewer dollars to spread across the same production and marketing bill.
Warner Bros. Games
Games revenue rebounded 45% in Q2 FY2026, but from a low starting point after a weak prior year. The next test is turning a narrower set of familiar story worlds into a dependable release rhythm.
Competes with Marvel's Spider-Man 2 (Sony / Insomniac) · Star Wars Jedi: Survivor (Electronic Arts / Respawn)
In plain English
Here, familiar story worlds become games for consoles, computers, and phones. WBD now concentrates its effort on Harry Potter, Game of Thrones, DC, and Mortal Kombat, including plans for another Hogwarts Legacy game.
Players pay to buy or use the games, while outside developers may pay for permission to build with WBD characters. Digital storefronts put each title in front of players and keep part of the sale. A hit can travel globally and revive interest in the underlying story, but a delayed or poorly received game can leave a long gap with little new money.
General and Lifestyle Entertainment Networks in the U.S.
Channels such as TNT, TBS, HGTV, Food Network, TLC, Discovery Channel, and Adult Swim still collect distributor and advertising money. General-entertainment viewing rose 5% in Q2 FY2026, but paid-TV subscriptions kept falling.
Competes with FX and National Geographic Channels (Disney) · Bravo, USA Network, and Oxygen (NBCUniversal)
In plain English
The unglamorous part that helps pay for everything else. This group packages entertainment, food, home, reality, and classic-film channels into the bundles sold by cable and satellite companies. Viewers tune in on a schedule, though the same programs can later help fill WBD's streaming shelf.
Distributors pay WBD for the right to include the channels, usually based on subscriber counts, and advertisers pay to reach the people watching. Both streams weaken when households cancel traditional television, so a rare audience gain helps but cannot by itself repair a shrinking base of paying homes.
TNT Sports and Eurosport
Live sports sell access and commercials across television and streaming. Losing NBA games caused $414 million of the Q2 FY2026 advertising decline, but dropping the related rights bill cushioned the profit impact.
Competes with ESPN and ESPN streaming plans (Disney) · NBC Sports and Peacock (NBCUniversal)
In plain English
Live games are one of the few programs people still arrange their evening around. TNT Sports and Eurosport buy permission to show competitions, produce the coverage, and carry it through channels, streaming services, and occasional resales to other broadcasters.
Cable and satellite companies pay for channels people do not want to lose, advertisers pay for attentive live audiences, and subscribers help fund streamed events. The catch is the entry fee: leagues charge heavily for the rights. Walking away from an expensive package can shrink audience and sales while still improving the economics if the saved fee was larger.
CNN and CNN All Access
CNN is extending a cable-news business into paid digital access. Time spent across its television and digital outlets rose 19% in Q2 FY2026; the question is whether that attention becomes durable subscriber and advertising money.
Competes with Fox News Channel and Fox Nation (Fox) · CNBC and MS NOW (NBCUniversal)
In plain English
CNN now reaches viewers through both traditional television and its own newer digital service. Its journalists and bureaus produce live coverage for cable television, websites, apps, clips on HBO Max, and the CNN All Access subscription launched in late 2025.
Cable and satellite companies pay to carry the channel, advertisers pay to sit beside the audience, and digital readers can pay CNN directly. Big news events draw a rush of attention, but that traffic can vanish when the story cools. The digital push matters because it seeks paying viewers beyond a declining traditional television bundle.
International Media Networks
Local and Discovery-family channels collect distributor fees and advertising outside the United States. WBD flagged weakness in four European markets in Q2 FY2026, while the wider paid-TV and television-ad markets continue to contract.
Competes with Disney, FX, and National Geographic channels (Disney) · Channel 5, Network 10, Telefe, and Chilevision (Paramount)
In plain English
Outside the United States, WBD runs local channels and Discovery-family networks adapted to each market. They mix locally made programs with WBD's broader supply and reach homes through both free television and paid packages. This card excludes the European sports outlets and the TVN/Player streaming service.
Local distributors pay to include the paid channels, while advertisers buy time around programs that gather an audience. Free channels lean more heavily on advertising. The recipe changes country by country, which spreads the audience but adds exposure to local economies, rules, currency swings, and the same household move away from traditional television.
HBO Max, discovery+ and HBOThe streaming family had roughly 132 million qualifying subscriptions at FY2025 year-end and kept growing. Watch whether rising subscriber revenue can outrun slower industry growth and the shrinking cable business.The streaming family had roughly 132 million qualifying subscriptions at FY2025 year-end and kept growing. Watch whether rising subscriber revenue can outrun slower industry growth and the shrinking cable business.
In plain English
Think of this as WBD's own video shelf: viewers open HBO Max or discovery+ and choose from films, series, news, sports, and reality shows. HBO is both a source of premium programs and a familiar name that helps sell the shelf.
Households pay monthly, either directly or through a cable or internet package. About two-fifths of HBO Max viewers chose a cheaper version with commercials by mid-2026, so WBD can collect both subscription fees and advertising money. The model works best when a deep supply of shows keeps people from canceling.
Competes with Netflix (Netflix) · Disney+ and Hulu (Disney)
Warner Bros. Television GroupA large television production house with more than 80 active shows in August 2026. Its health depends on steady orders, on-time delivery, and keeping rights that can earn again later.A large television production house with more than 80 active shows in August 2026. Its health depends on steady orders, on-time delivery, and keeping rights that can earn again later.
In plain English
A television studio is a workshop that turns ideas into finished series. Warner Bros. Television Group makes dramas, comedies, reality programs, and animation for WBD's own outlets and for outside buyers such as Apple TV.
A buyer pays for the first chance to show a series, helping cover production. WBD can then earn more when retained shows move to other services or return years later from its library. That makes a durable hit more valuable than a one-time delivery, but labor delays, tighter buyer budgets, or a missed deadline can push the payment into another quarter.
Competes with 20th Television (Disney) · CBS Studios (Paramount)
Warner Bros. Motion Picture Group and DC StudiosThe film business earns repeatedly from one release, but timing makes it jumpy: theatrical product revenue fell 46% in Q2 FY2026. Watch whether a larger 2027 slate produces enough hits to refill later sales.The film business earns repeatedly from one release, but timing makes it jumpy: theatrical product revenue fell 46% in Q2 FY2026. Watch whether a larger 2027 slate produces enough hits to refill later sales.
In plain English
A movie begins as a costly production made years before anyone buys a ticket. Warner Bros. Pictures, New Line, its animation arm, and DC Studios develop and release these films, from stand-alone stories to ones built around familiar characters.
The theater is only the first place a film earns money. After cinemas, it can be sold or rented at home, offered to streaming and television services, and used in merchandise or other licensed products. A successful opening lifts all those later chances; a miss leaves fewer dollars to spread across the same production and marketing bill.
Competes with Walt Disney Studios and Marvel Studios (Disney) · Universal Pictures (NBCUniversal)
Warner Bros. GamesGames revenue rebounded 45% in Q2 FY2026, but from a low starting point after a weak prior year. The next test is turning a narrower set of familiar story worlds into a dependable release rhythm.Games revenue rebounded 45% in Q2 FY2026, but from a low starting point after a weak prior year. The next test is turning a narrower set of familiar story worlds into a dependable release rhythm.
In plain English
Here, familiar story worlds become games for consoles, computers, and phones. WBD now concentrates its effort on Harry Potter, Game of Thrones, DC, and Mortal Kombat, including plans for another Hogwarts Legacy game.
Players pay to buy or use the games, while outside developers may pay for permission to build with WBD characters. Digital storefronts put each title in front of players and keep part of the sale. A hit can travel globally and revive interest in the underlying story, but a delayed or poorly received game can leave a long gap with little new money.
Competes with Marvel's Spider-Man 2 (Sony / Insomniac) · Star Wars Jedi: Survivor (Electronic Arts / Respawn)
General and Lifestyle Entertainment Networks in the U.S.Channels such as TNT, TBS, HGTV, Food Network, TLC, Discovery Channel, and Adult Swim still collect distributor and advertising money. General-entertainment viewing rose 5% in Q2 FY2026, but paid-TV subscriptions kept falling.Channels such as TNT, TBS, HGTV, Food Network, TLC, Discovery Channel, and Adult Swim still collect distributor and advertising money. General-entertainment viewing rose 5% in Q2 FY2026, but paid-TV subscriptions kept falling.
In plain English
The unglamorous part that helps pay for everything else. This group packages entertainment, food, home, reality, and classic-film channels into the bundles sold by cable and satellite companies. Viewers tune in on a schedule, though the same programs can later help fill WBD's streaming shelf.
Distributors pay WBD for the right to include the channels, usually based on subscriber counts, and advertisers pay to reach the people watching. Both streams weaken when households cancel traditional television, so a rare audience gain helps but cannot by itself repair a shrinking base of paying homes.
Competes with FX and National Geographic Channels (Disney) · Bravo, USA Network, and Oxygen (NBCUniversal)
TNT Sports and EurosportLive sports sell access and commercials across television and streaming. Losing NBA games caused $414 million of the Q2 FY2026 advertising decline, but dropping the related rights bill cushioned the profit impact.Live sports sell access and commercials across television and streaming. Losing NBA games caused $414 million of the Q2 FY2026 advertising decline, but dropping the related rights bill cushioned the profit impact.
In plain English
Live games are one of the few programs people still arrange their evening around. TNT Sports and Eurosport buy permission to show competitions, produce the coverage, and carry it through channels, streaming services, and occasional resales to other broadcasters.
Cable and satellite companies pay for channels people do not want to lose, advertisers pay for attentive live audiences, and subscribers help fund streamed events. The catch is the entry fee: leagues charge heavily for the rights. Walking away from an expensive package can shrink audience and sales while still improving the economics if the saved fee was larger.
Competes with ESPN and ESPN streaming plans (Disney) · NBC Sports and Peacock (NBCUniversal)
CNN and CNN All AccessCNN is extending a cable-news business into paid digital access. Time spent across its television and digital outlets rose 19% in Q2 FY2026; the question is whether that attention becomes durable subscriber and advertising money.CNN is extending a cable-news business into paid digital access. Time spent across its television and digital outlets rose 19% in Q2 FY2026; the question is whether that attention becomes durable subscriber and advertising money.
In plain English
CNN now reaches viewers through both traditional television and its own newer digital service. Its journalists and bureaus produce live coverage for cable television, websites, apps, clips on HBO Max, and the CNN All Access subscription launched in late 2025.
Cable and satellite companies pay to carry the channel, advertisers pay to sit beside the audience, and digital readers can pay CNN directly. Big news events draw a rush of attention, but that traffic can vanish when the story cools. The digital push matters because it seeks paying viewers beyond a declining traditional television bundle.
Competes with Fox News Channel and Fox Nation (Fox) · CNBC and MS NOW (NBCUniversal)
International Media NetworksLocal and Discovery-family channels collect distributor fees and advertising outside the United States. WBD flagged weakness in four European markets in Q2 FY2026, while the wider paid-TV and television-ad markets continue to contract.Local and Discovery-family channels collect distributor fees and advertising outside the United States. WBD flagged weakness in four European markets in Q2 FY2026, while the wider paid-TV and television-ad markets continue to contract.
In plain English
Outside the United States, WBD runs local channels and Discovery-family networks adapted to each market. They mix locally made programs with WBD's broader supply and reach homes through both free television and paid packages. This card excludes the European sports outlets and the TVN/Player streaming service.
Local distributors pay to include the paid channels, while advertisers buy time around programs that gather an audience. Free channels lean more heavily on advertising. The recipe changes country by country, which spreads the audience but adds exposure to local economies, rules, currency swings, and the same household move away from traditional television.
Competes with Disney, FX, and National Geographic channels (Disney) · Channel 5, Network 10, Telefe, and Chilevision (Paramount)
Named in filings, launches and programs
- WBD Global ExperiencesService · RampingTurns WBD stories into studio tours, stores, exhibitions, and destination attractions, including planned Harry Potter experiences in Shanghai and Abu Dhabi.
- Consumer Products, Themed Entertainment and Brand LicensingProduct lineLets outside companies put WBD characters and stories into merchandise and physical experiences, producing license fees within the studios business.
- DC Comics PublishingProduct linePublishes and licenses DC stories and characters that can later feed films, television, games, and merchandise.
- Warner Bros. Home Entertainment and Content SalesServiceSells films and shows as discs, downloads, rentals, and licenses after their first release; the money sits inside the major studio lines.
- Studio OperationsServiceProvides production facilities and support, earning within the studios business rather than as a separately sized operation.
- TVN/PlayerPlatformA separately named regional streaming service whose users are included when WBD counts its global streaming subscriptions.
- Charter Spectrum distribution partnershipCustomer programA multiyear U.S. channel renewal that also gives eligible Spectrum customers ad-supported HBO Max and discovery+; financial terms were not disclosed.
- Disney+, Hulu, Max BundleCustomer programA U.S. package launched in 2024 that sells the three streaming services together with or without commercials.
- Largest U.S. television distributor renewalsCustomer programBy February 2025, WBD had renewed multiyear terms with five of its six largest U.S. distributors; only Charter was identified.
- Contracted revenue commitmentsCustomer program$13.06B was promised under signed distribution, content, sports, brand, advertising, and other contracts at June 2026; some stretches to 2062.
- Music Catalog Joint Venture with CEGBrandCEG received 79% of the catalog's financial returns by Q1 2026, while WBD still ran and counted the venture.
WBD Global ExperiencesService · Ramping
Turns WBD stories into studio tours, stores, exhibitions, and destination attractions, including planned Harry Potter experiences in Shanghai and Abu Dhabi.
Consumer Products, Themed Entertainment and Brand LicensingProduct line
Lets outside companies put WBD characters and stories into merchandise and physical experiences, producing license fees within the studios business.
DC Comics PublishingProduct line
Publishes and licenses DC stories and characters that can later feed films, television, games, and merchandise.
Warner Bros. Home Entertainment and Content SalesService
Sells films and shows as discs, downloads, rentals, and licenses after their first release; the money sits inside the major studio lines.
Studio OperationsService
Provides production facilities and support, earning within the studios business rather than as a separately sized operation.
TVN/PlayerPlatform
A separately named regional streaming service whose users are included when WBD counts its global streaming subscriptions.
Charter Spectrum distribution partnershipCustomer program
A multiyear U.S. channel renewal that also gives eligible Spectrum customers ad-supported HBO Max and discovery+; financial terms were not disclosed.
Disney+, Hulu, Max BundleCustomer program
A U.S. package launched in 2024 that sells the three streaming services together with or without commercials.
Largest U.S. television distributor renewalsCustomer program
By February 2025, WBD had renewed multiyear terms with five of its six largest U.S. distributors; only Charter was identified.
Contracted revenue commitmentsCustomer program
$13.06B was promised under signed distribution, content, sports, brand, advertising, and other contracts at June 2026; some stretches to 2062.
Music Catalog Joint Venture with CEGBrand
CEG received 79% of the catalog's financial returns by Q1 2026, while WBD still ran and counted the venture.