Warner Bros. Discovery (WBD) Company Report

Paramount Skydance, led by the Ellison family, has allied with Saudi PIF, Qatar’s QIA, and ADIA to mount a $71 billion bid for Warner Bros. Discovery.
Paramount would front $50 billion, while each sovereign fund contributes $7 billion in exchange for minority stakes and rights to WBD’s intellectual property and movie premieres.
Warner Bros. Discovery has rejected three previous offers and set a November 20 deadline for initial bids, with Comcast and Netflix among other suitors.
If successful, the deal would unite major entertainment brands including Paramount Pictures, Warner Bros., HBO, and CNN, marking a significant reshaping of the media landscape.

Nov 18, 2025, 7:40 PM

CNBC

Warner Bros. Discovery amends CEO pay amid strategic review

WBD

Executive Compensation

M&A

Under the amendment, 92% of CEO David Zaslav’s stock options will remain eligible to vest in the event of a sale or reverse spinoff treated as a separation if completed by December 31, 2026.
Zaslav’s CEO term is extended to at least 2030 if a change-in-control agreement is reached before end-2026 and no separation occurs.
The company is fielding acquisition bids from Paramount, Comcast and Netflix and plans to split into two entities by April 2026 as part of its strategic review.

Nov 13, 2025, 10:20 PM

Bloomberg

Warner Bros. Discovery amends CEO’s compensation agreements

WBD

Executive Compensation

M&A

The company amended David Zaslav’s employment and option agreements to treat a Reverse Spinoff (spinning off Discovery Global) as a Spinoff for all purposes, ensuring his Signing Options remain outstanding and references to “ContentCo” apply to Warner Bros. post-transaction.
If WBD enters into a Qualifying Change-in-Control (CIC) Agreement before the Outside Date (December 31, 2026), Zaslav’s Signing Options will not be forfeited, and his employment term is extended to December 31, 2030, with Pre-Spinoff Terms continuing until the Terms Transition Date.
The amendment clarifies that internal restructuring transactions (e.g., mergers, spin-offs among WBD affiliates) do not qualify as a Change in Control or Qualifying Transaction and will not trigger accelerated vesting or lift forfeiture conditions on Zaslav’s options.
Similar letters were sent to other senior executives (including Gunnar Wiedenfels, Bruce Campbell, and JB Perrette) to ensure their agreements also treat a Reverse Spinoff as a Separation for incentive purposes.

Nov 13, 2025, 9:45 PM

8-K

Warner Bros. Discovery reports Q3 2025 financial and operating highlights

WBD

Guidance Update

Warner Bros. Discovery’s studio segment is leading the 2025 global box office—first to surpass $4 billion in ticket sales—and is expected to exceed $2.4 billion in EBITDA in 2025, moving towards a $3 billion EBITDA goal.
The streaming segment added >30 million subscribers over three years, will contribute $1.3 billion in EBITDA in 2025 (versus a $2.5 billion loss three years ago), and HBO Max is now live in 100+ countries with a target of 150 million subscribers by end-2026.
Linear networks (TNT, TBS, CNN, Discovery, etc.) remain resilient cash-flow generators, while net leverage has been reduced to 3.3× EBITDA following a $1 billion bridge loan paydown in Q3.
An active process is underway to evaluate strategic alternatives, including the planned separation of Discovery Global Networks and HBO Max businesses.

Nov 6, 2025, 1:00 PM

Transcript

Warner Bros. Discovery reports Q3 2025 results

WBD

Earnings

Guidance Update

Studios back to #1, leading 2025 global box office with $4 billion YTD and targeting >$2.4 billion studio EBITDA in 2025 en route to a $3 billion goal; pipeline includes DC’s Superman, horror hits (Weapons, The Conjuring: Last Rites), original films and a Gremlins sequel for Nov 19, 2027 release.
HBO Max now in 100+ countries, added 30 million streaming subscribers over three years, with this segment generating >$1.3 billion EBITDA in 2025; European launches in Germany, Italy, U.K. and Ireland in 2026 and a path to >150 million total subs by end-2026.
Core linear networks (TNT, TBS, CNN, Discovery, etc.) remain resilient cash-flow drivers and are expanding digitally to sustain long-term profitability.
Net leverage reduced to 3.3× EBITDA after $1 billion bridge loan paydown in Q3, and an active process to separate into two well-capitalized businesses is underway.

Nov 6, 2025, 1:00 PM

Transcript

Warner Bros. Discovery reports Q3 2025 results

WBD

Earnings

Guidance Update

Studios leadership restored: Warner Bros. leads the 2025 global box office and expects to exceed $2.4 billion in studio EBITDA this year, progressing toward a $3 billion goal.
Streaming turnaround: added over 30 million subscribers in three years; streaming segment EBITDA swung to >$1.3 billion profit versus a $2.5 billion loss three years ago, with 150 million total subs targeted by end-2026.
Linear networks resilience: TNT, TBS, CNN, Discovery and others remain key cash generators; net leverage cut to 3.3× EBITDA after a $1 billion bridge loan paydown in Q3.
Corporate action update: active board-directed process underway to separate into two businesses and evaluate strategic alternatives.

Nov 6, 2025, 1:00 PM

Transcript

Warner Bros. Discovery outlines Q3 2025 performance and strategic review

WBD

Guidance Update

M&A

Streaming & Studios revenue rose 7% ex-FX and Adjusted EBITDA climbed 59% ex-FX year-over-year; Global Linear Networks delivered a 44% EBITDA margin.
Generated $701 million free cash flow (including ≈$500 million of separation-related costs), repaid $1.2 billion of debt, and ended the quarter with 3.3× net leverage.
Board initiated a review of strategic alternatives, considering the planned separation, potential sale of the entire company or individual businesses, or an alternative separation structure, with no definitive timetable.
Reaffirmed 2025 targets: Studios Adjusted EBITDA to exceed $2.4 billion and Streaming Adjusted EBITDA to reach at least $1.3 billion.

Nov 6, 2025, 12:04 PM

8-K

Warner Bros. Discovery plans sale or split announcement by Christmas 2025

WBD

M&A

New Projects/Investments

Takeover Bid

Warner Bros. Discovery will decide by Christmas 2025 whether to sell the company, split into two entities, or pursue other strategic options.
Paramount Skydance has bid $23.50 per share for WBD, claiming superior shareholder value; Warner rejected the offer and requested an NDA, which Paramount declined.
WBD aims to complete a 2026 split into two public companies: Warner Bros. (streaming and studios) and Discovery Global (global networks).
Recent financials show $38.44 billion in trailing-12-months revenue, a three-year revenue decline of 4.4%, gross margin of 43.27%, and operating/net margins near 2–2.5%.
The company partnered with Latin America’s Mundoloco CGI to expand animated series production.

Nov 6, 2025, 6:17 AM

CNBC

Warner Bros. Discovery raises HBO Max prices and tightens password sharing

WBD

Warner Bros. Discovery raised HBO Max prices: Basic with Ads to $10.99/month ($109.99/year), Standard to $18.49/month ($184.99/year) and Premium to $22.99/month ($229.99/year); new rates apply immediately for new subscribers, existing monthly customers from Nov. 20, 2025, and annual subscribers at renewal.
The Disney+/Hulu/HBO Max bundle with ads jumps $3/month to $19.99, and the mostly ad-free bundle rises to $32.99.
WBD will tighten password-sharing rules and is reviewing strategic alternatives—including potential sales or restructuring—after turning down an acquisition bid from Paramount/Skydance and planning a two-company split.
The hikes reflect expanded content and Premium-tier features (four simultaneous 4K/Dolby Atmos streams, larger download allowances) and mark the first ad-supported tier increase since June 2024.

Oct 21, 2025, 1:26 PM

CNBC

Warner Bros. Discovery weighs sale after $20 bid

WBD

M&A

Takeover Bid

Warner Bros. Discovery’s board has launched a comprehensive review of strategic alternatives following unsolicited interest in all or part of the company.
The company is proceeding with its planned mid-2026 split into Warner Bros. (streaming and studios) and Discovery Global (cable and networks) amid the review.
Reports indicate Paramount Skydance’s $20-per-share overture was rebuffed as a “lowball” bid; other potential suitors include Comcast and Netflix.
Shares rose about 7–8% in premarket trading after the review announcement.
CEO David Zaslav forecasts HBO Max will reach 150 million homes next year and argues the service is undervalued.

Oct 21, 2025, 1:24 PM

CNBC

Earnings Transcripts

Quarterly earnings call transcripts for Warner Bros. Discovery.