Substack vs Warner Bros. Discovery: Founders, CEOs and History
Substack was founded in 2017 by Chris Best, Hamish McKenzie, Jairaj Sethi and is led by Chris Best. Warner Bros. Discovery was founded in 2022 by Harry Warner, John Hendricks and is led by David Zaslav.
Company facts
Substack
- Founded
- 2017
- Headquarters
- San Francisco, California, United States
- Current CEO
- Chris Best
Warner Bros. Discovery
- Founded
- 2022
- Headquarters
- New York, New York
- Current CEO
- David Zaslav
- Employees
- 35,500
Founders
Substack
Chris Best
Chris Best is the co-founder and CEO of Substack. Before Substack he co-founded Kik.
Hamish McKenzie
Hamish McKenzie co-founded Substack in 2017. A former tech journalist (and early Tesla employee), he was deeply frustrated by the catastrophic collapse of the traditional media business model, which relied entirely on highly toxic, clickbait advertising.
Jairaj Sethi
Jairaj Sethi co-founded Substack in 2017. As the absolute critical technical architect (and former lead developer at Kik Messenger), he built the incredibly robust underlying email and payment infrastructure required to reliably deliver millions of newsletters…
Warner Bros. Discovery
Harry Warner
Harry Warner was the eldest of the four Warner brothers who incorporated Warner Bros. Pictures in 1923 and served as its president. The studio released The Jazz Singer in 1927, one of the first feature films with synchronized dialogue. Warner Bros.
John Hendricks
John Hendricks launched the Discovery Channel in 1985 and built Discovery Communications, the predecessor of Discovery, Inc., which merged with WarnerMedia in 2022 to form Warner Bros. Discovery. He founded the Discovery business, not WBD itself.
CEOs and their tenures
Substack
- Chris Best2017–present
Co-Founder and Chief Executive Officer
As Co-Founder and CEO, he acts as the absolute driving force behind the platform's fierce, uncompromising defense of free speech, despite massive internal and external backlash.
Source - Hamish McKenzie2017–present
Co-Founder and Chief Writing Officer
As Co-Founder and Chief Writing Officer, he directly recruits massive literary talent and heavily shapes the company's deeply philosophical stance on the future of independent media.
Source - Jairaj Sethi2017–present
Co-Founder and Chief Technology Officer
As Co-Founder and CTO, he ensures the platform remains incredibly fast, reliable, and deeply integrated with Stripe for seamless creator payouts.
Source
Warner Bros. Discovery
- David Zaslav2022–present
President and CEO
Led the 2022 merger, the post-merger cost cuts and debt paydown, the 2025 separation plan, and the sale process that produced the Paramount Skydance agreement.
Source - Gunnar Wiedenfels2022–present
Chief Financial Officer
As CFO, he acts as CEO David Zaslav's primary hatchet man, enforcing brutal, multi-billion dollar cost-cutting measures to pay down the massive $40 billion debt load from the WarnerMedia merger.
Source
Timeline: Substack and Warner Bros. Discovery side by side
1923Warner Bros. Discovery
Warner Bros. Pictures Founded
Harry, Albert, Sam and Jack Warner incorporate Warner Bros. Pictures.
1985Warner Bros. Discovery
Discovery Channel Launches
John Hendricks launches the Discovery Channel, the start of the Discovery business.
2017Substack
Substack founded in San Francisco
Chris Best, Hamish McKenzie, and Jairaj Sethi founded Substack to build subscription publishing for writers.
2017Substack
Bill Bishop Launches Sinocism as First Substack Publication
China analyst Bill Bishop moved his Sinocism newsletter to Substack, proving that writers could earn six figures directly.
2018Warner Bros. Discovery
Acquired Scripps Networks Interactive
Warner Bros. Discovery acquired Scripps Networks Interactive for $14.6 billion.
2019Substack
$15.3M Series A led by Andreessen Horowitz
a16z led a $15.3 million Series A.
2020Substack
The Great Media Exodus & COVID-19 Newsletter Boom
Prominent journalists (Matt Taibbi, Andrew Sullivan, Glenn Greenwald) left corporate media to build independent Substack empires.
2021Substack
$65M Series B at $650M Valuation Led by a16z
Valuation surged to $650 million, crossing 1 million paid subscriptions and launching Substack Pro.
2022Substack
Launches Substack Reader Mobile App and Substack Chat
Debuted dedicated consumer mobile reading app and subscriber-only chat rooms.
2022Warner Bros. Discovery
Warner Bros. Discovery Formed
AT&T spins off WarnerMedia and combines it with Discovery, Inc.; the new company lists on Nasdaq as WBD.
2023Substack
Launches Substack Notes & Raises $7.8M Community Crowdfund
Debuted Substack Notes to rival Twitter/X, raising $7.8M from 6,700+ community investors on Wefunder.
2023Warner Bros. Discovery
Max Launched
Warner Bros. Discovery launched the Max streaming service in May 2023, combining HBO Max and Discovery+.
2024Substack
Passes 3 million paid subscriptions
Substack said in 2024 that creators had passed 3 million paid subscriptions.
2024Warner Bros. Discovery
$9.1 Billion Write-Down
The company wrote down the value of its television networks by $9.1 billion in August 2024.
2025Substack
$100M Series C at $1.1B valuation
BOND and The Chernin Group led the round, with a16z, Rich Paul and Jens Grede participating.
2025Warner Bros. Discovery
Netflix Wins Sale Process
After putting itself up for sale in October 2025, WBD agrees in December to sell its studios and streaming business to Netflix.
2025Warner Bros. Discovery
Split Plan Announced
Warner Bros. Discovery said in June 2025 that it would split into two listed companies.
2026Substack
Data breach disclosed
Substack disclosed on February 5, 2026 that user emails, phone numbers and internal metadata were accessed in October 2025.
2026Warner Bros. Discovery
Paramount Skydance Merger Agreement
On February 27, 2026, WBD signs a merger agreement with Paramount Skydance at $31 per share in cash; the Netflix agreement is terminated.
2026Warner Bros. Discovery
Stockholders Approve Merger
WBD stockholders approve the Paramount Skydance transaction on April 23, 2026.
2026Warner Bros. Discovery
Closing Date Set
After a court approves a settlement with state attorneys general, the companies announce an anticipated closing date of October 6, 2026.
Acquisitions
Substack
- Yem2022Undisclosed
- People & Company2021Undisclosed
- Letter2021Undisclosed
Warner Bros. Discovery
- WarnerMedia2022$43B
- Scripps Networks Interactive2018$14.6B
- Eurosport2014Undisclosed
Questions about Substack vs Warner Bros. Discovery
Who is the CEO of Substack Inc. and Warner Bros. Discovery?
Substack Inc. is led by Chris Best and Warner Bros. Discovery is led by David Zaslav. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Substack Inc. founded vs Warner Bros. Discovery?
Substack Inc. was founded in 2017 — 5 years before Warner Bros. Discovery, which was founded in 2022. Substack Inc.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Warner Bros. Discovery.
How many employees does Substack Inc. have compared to Warner Bros. Discovery?
Warner Bros. Discovery employs approximately 35,500 people. A verified employee count for Substack Inc. is not currently available.
Where are Substack Inc. and Warner Bros. Discovery headquartered?
Both Substack Inc. and Warner Bros. Discovery are headquartered in United States. Their local rules and tax obligations may still differ.
Who founded Substack Inc. and Warner Bros. Discovery?
Substack Inc. was founded by Chris Best, Hamish McKenzie, Jairaj Sethi. Warner Bros. Discovery was founded by Harry Warner, John Hendricks.
Which company has a longer operating history — Substack Inc. or Warner Bros. Discovery?
Substack Inc. has been operating for approximately 9 years, making it the more established of the two companies. Warner Bros. Discovery has been in operation for around 4 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Substack vs Warner Bros. Discovery overview