Warner Bros. Discovery, Inc.

Overview

Warner Bros. Discovery, Inc. is a global media and entertainment company that produces and distributes television, film and streaming content, as well as games and consumer products. Its businesses include Warner Bros. film and television studios, HBO Max, and television brands such as CNN and Discovery Channel. The company describes its aim as creating content that informs, entertains and inspires audiences worldwide. It operates through three principal segments: Streaming, Studios and Global Linear Networks.[1]+2

The company was formed in 2022 through the combination of Discovery and WarnerMedia. Its services and content reach more than 220 countries and territories in 50 languages. Warner Bros. Discovery reported approximately $37.3 billion in revenue for 2025 and employed approximately 35,500 people at year-end.[4]+3 [1]+6

Products & services

Warner Bros. Discovery’s streaming products include HBO Max and discovery+, alongside HBO premium television. HBO Max brings together HBO originals, Warner Bros. films, DC and Harry Potter titles, CNN programming, and reality, lifestyle and documentary series from brands such as HGTV, Food Network and Discovery Channel. discovery+ focuses on nonfiction and real-life programming. The streaming services are available on mobile and connected-TV devices and have offered ad-free and advertising-supported options in most markets.[8]+3 [8]+10

Geographic presence

Warner Bros. Discovery earns revenue in the United States and internationally. In 2025, U.S. revenue was $24.946 billion, or about 67% of its $37.296 billion total; revenue outside the U.S. was $12.350 billion, or about 33%. Its geographic revenue disclosure does not break out individual countries or regions outside the U.S.[19]

The company’s principal executive office is in New York City, and its principal facilities include locations in the United States, United Kingdom, Chile, Japan, Poland and India. At the end of 2025, it had approximately 35,500 employees, with 48% in the U.S. and 52% elsewhere. Its HBO Max streaming service had expanded to more than 100 markets, including markets in Latin America, the Caribbean, Europe, Asia and Australia.[20]+3 [20]+4

Business segments

Warner Bros. Discovery reports three business segments: Streaming, Studios and Global Linear Networks. Streaming comprises HBO Max and discovery+, premium pay-TV services such as HBO, and sports streaming products. Studios produces and distributes films and television programming and also encompasses home entertainment, consumer products, themed-experience licensing and games. Global Linear Networks operates domestic and international entertainment, lifestyle, news and sports television networks, including CNN, TNT, TBS, HGTV and Discovery Channel.[2]+4

In 2025, Streaming generated $10.9 billion in revenue, Studios $12.6 billion and Global Linear Networks $17.7 billion—approximately 29%, 34% and 47%, respectively, of consolidated revenue of $37.3 billion. These percentages exceed 100% in aggregate because consolidated revenue eliminates transactions between segments. The company also presents a combined Streaming & Studios division, which generated $20.4 billion in 2025 revenue after applicable inter-segment eliminations.[27][6] [2]+10

Company history

Warner Bros. was incorporated on April 4, 1923, by brothers Harry, Albert, Sam and Jack Warner. Its 1927 release of *The Jazz Singer* marked a milestone in the transition to sound films. Other businesses that later became part of its corporate lineage included HBO, which began broadcasting in 1972, and CNN, which launched in 1980. Time Inc. and Warner Communications merged in 1990 to form Time Warner.[28]+4

Discovery’s lineage began in 1982, when John Hendricks founded Cable Educational Network; the Discovery Channel launched in 1985. Discovery expanded through acquisitions, including its 2018 purchase of Scripps Networks Interactive. That same year, AT&T acquired Time Warner, whose businesses were subsequently branded WarnerMedia. On April 8, 2022, AT&T and Discovery completed a transaction combining WarnerMedia with Discovery to form Warner Bros. Discovery, led by Discovery chief executive David Zaslav.[33]+4 [28]+8

Sources

• Warner Bros. Discovery, Inc. — Full financial report (2024 Y)
  12 citations

  [1][4][8][9][10][12][13][14][15][16][17][18]
• Warner Bros. Discovery, Inc. — Full financial report (2025 Y)
  11 citations

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