Warner Bros. Discovery: Warner Bros. Discovery is a public media and entertainment company listed on Nasdaq as WBD. FY2025 revenue was $37.3B, and net income available to WBD was $727M.
Warner Bros. Discovery: Key Facts
| Company Name | Warner Bros. Discovery |
|---|---|
| Founded | 2022 |
| Founder(s) | David Zaslav (merged entity), John T. Malone (architect), Jason Kilar (WarnerMedia CEO) |
| Headquarters | New York, New York |
| Industry | Media, Entertainment, Streaming, Networks, and Studio Content |
| CEO | David Zaslav |
| Employees | about 35,000 |
| Revenue | $37.3B in FY2025 |
| Net Income | $727M |
| Status | Public |
| Stock Symbol | WBD (Nasdaq) |
| Website | https://www.wbd.com |
Warner Bros. Discovery entered 2026 with a cleaner FY2025 profit line than many older profiles show: total revenue was $37.3 billion, net income available to WBD was $727 million, adjusted EBITDA was $8.7 billion, and free cash flow was $3.1 billion. The bigger strategic question is now transactional: WBD stockholders approved a Paramount Skydance deal in April 2026, but the merger was temporarily paused by court order in July 2026 and had not closed.
What Is the History of Warner Bros. Discovery?
Warner Bros. Discovery was formed in 2022 when WarnerMedia and Discovery combined, but its operating roots stretch through Warner Bros. Pictures, HBO, CNN, Discovery Channel, and Scripps lifestyle networks.
The early post-merger years focused on cost reduction, debt paydown, streaming profitability, and deciding how much premium content should stay exclusive to HBO Max versus being licensed externally.
By 2026, the central question became whether WBD would remain independent, split assets, or complete a Paramount Skydance transaction after shareholder approval and legal review.
How Does Warner Bros. Discovery Make Money?
WBD earns from studio content, theatrical releases, streaming subscriptions, advertising, affiliate fees, licensing, games, consumer products, and global distribution.
The strongest assets are HBO, Warner Bros. franchises, library depth, Discovery unscripted brands, and cash-generating networks; the hardest problem is funding streaming growth while linear TV declines.
Warner Bros. Discovery Revenue and Financials
WBD reported FY2025 total revenues of $37.296 billion, net income available to WBD of $727 million, adjusted EBITDA of $8.7 billion, operating cash flow of $4.3 billion, free cash flow of $3.1 billion, and net debt of about $29.0 billion. That replaces stale 2024 loss framing with the latest full-year reported profit line.
Warner Bros. Discovery Strategy
WBD strategy centers on HBO Max profitability and international reach, franchise films and series, content licensing, game and consumer-products extensions, disciplined network cash management, and transaction readiness while the Paramount Skydance deal remains unresolved.
The outlook is dominated by whether the Paramount Skydance transaction closes after legal and regulatory review. If it closes, WBD becomes part of a much larger media consolidation story. If it does not, management still has to grow HBO Max, monetize the Warner Bros. library, manage declining networks, and reduce leverage.
Warner Bros. Discovery Timeline
The Warner brothers create the studio that becomes one of Hollywood defining names. [source]
HBO launches as a premium cable service and eventually becomes one of television strongest brands. [source]
Discovery Channel begins as an educational and documentary cable network. [source]
WarnerMedia and Discovery combine to create Warner Bros. Discovery as a public company under ticker WBD. [source]
WBD reports FY2025 revenue of $37.3B and net income available to WBD of $727M. [source]
WBD stockholders approve the transaction with Paramount Skydance, subject to closing conditions. [source]
A federal court temporarily blocks the Paramount-WBD deal pending a preliminary-injunction hearing set for August 3, 2026. [source]
