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Warner Bros. Discovery (WBD)

Warner Bros. Discovery (WBD) is a global media and entertainment company that offers a diverse portfolio of content across television, film, streaming, and gaming . The company operates through three main segments: Studios, Networks, and Direct-to-Consumer (DTC) . WBD generates revenue from advertising, distribution fees, content licensing, and sales of consumer products and themed experiences . The company leverages its intellectual property across various platforms, including gaming, where it has seen significant success with titles like "Hogwarts Legacy" .

  1. Studios - Engages in the production and release of feature films, television programs, and interactive gaming, along with related consumer products and themed experience licensing .
  2. Networks - Comprises domestic and international television networks, generating revenue through advertising and distribution fees .
  3. Direct-to-Consumer (DTC) - Focuses on premium pay-TV and streaming services, offering a wide range of content directly to consumers .

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NamePositionExternal RolesShort Bio

Adria Alpert Romm

Executive

Chief People and Culture Officer

None

Adria Alpert Romm has been the Chief People and Culture Officer at WBD since April 8, 2022, playing a key role in workforce integration post-merger.

Bruce L. Campbell

Executive

Chief Revenue and Strategy Officer

None

Bruce L. Campbell has been the Chief Revenue and Strategy Officer at WBD since April 8, 2022, with prior roles at Discovery, including Chief Distribution Officer.

David M. Zaslav

Executive

President and CEO

Grupo Televisa S.A.B. (Board Member), Sirius XM Radio, Inc. (Board Member)

David M. Zaslav has been the President and CEO of WBD since April 8, 2022, leading the merger of WarnerMedia and Discovery. He previously served as CEO of Discovery, Inc. from 2007 to 2022.

Gerhard Zeiler

Executive

President, International

None

Gerhard Zeiler has been the President, International at WBD since April 8, 2022, overseeing global operations.

Gunnar Wiedenfels

Executive

Chief Financial Officer (CFO)

None

Gunnar Wiedenfels has been the CFO of WBD since April 8, 2022, overseeing financial integration post-merger. He was previously CFO of Discovery, Inc. from 2017 to 2022.

Jean-Briac Perrette

Executive

CEO and President, Global Streaming and Games

None

Jean-Briac Perrette has been the CEO and President of Global Streaming and Games at WBD since April 8, 2022, focusing on streaming strategy.

Lori C. Locke

Executive

EVP and Chief Accounting Officer

None

Lori C. Locke is the EVP and Chief Accounting Officer at WBD, confirmed in her role as of November 7, 2024.

Savalle C. Sims

Executive

Chief Legal Officer

None

Savalle C. Sims has been the Chief Legal Officer at WBD since October 2023, previously serving as EVP and General Counsel.

Anthony Noto

Board

Director

SoFi Technologies, Inc. (CEO and Director)

Anthony Noto has been a director at WBD since January 8, 2025, with experience in media and financial services.

Debra L. Lee

Board

Director

Leading Women Defined Foundation (Chair), The Monarchs Collective (Partner), The Procter & Gamble Company (Director), Burberry Group plc (Director), Marriott International, Inc. (Director)

Debra L. Lee has been a director at WBD since 2022, with a background in media and executive management.

Fazal Merchant

Board

Director

Sixth Street Partners (Senior Advisor), Ryman Hospitality Properties, Inc. (Board Member), Ariel Investments (Board Member)

Fazal Merchant has been a director at WBD since 2022, with experience in technology and finance.

Geoffrey Y. Yang

Board

Director

Redpoint Ventures (Founding Partner and Managing Director), Performance Health Sciences (CEO), Franklin Resources Inc. (Board Member)

Geoffrey Y. Yang has been a director at WBD since 2022, with a background in venture capital and digital media.

Joey Levin

Board

Director

IAC Inc. (CEO until May 31, 2025), Angi (Executive Chairman)

Joey Levin has been a director at WBD since February 1, 2025, with a background in digital media and commerce.

John C. Malone

Board

Director

Liberty Broadband Corporation (Chairman), Liberty Media Corporation (Chairman), Liberty Global Ltd. (Chairman), Qurate Retail, Inc. (Director)

John C. Malone has been a director at WBD since 2008, known for his influence in the cable television industry.

Kenneth W. Lowe

Board

Director

None

Kenneth W. Lowe has been a director at WBD since April 2, 2023, with a background in media leadership at Scripps Networks Interactive.

Paul A. Gould

Board

Director

Liberty Latin America, Ltd. (Director), Liberty Global Ltd. (Director), Wildlife Conservation Society (Board Member)

Paul A. Gould has been a director at WBD since 2008, with expertise in finance and mergers in the media industry.

Paula A. Price

Board

Director

Bristol Myers Squibb (Director), Accenture plc (Director)

Paula A. Price has been a director at WBD since 2022, with extensive experience in finance and accounting.

Richard W. Fisher

Board

Director

Tenet Healthcare Corporation (Director), Jefferies (Senior Advisor)

Richard W. Fisher has been a director at WBD since 2022, with a background in finance and leadership roles at the Federal Reserve Bank of Dallas.

Samuel A. Di Piazza

Board

Chair of the Board

ProAssurance Corporation (Director), Regions Financial Corporation (Director), Jones Lang LaSalle Incorporated (Director)

Samuel A. Di Piazza has been the Chair of the Board at WBD since 2022, with extensive experience in global accounting and corporate governance.

  1. Given that subscriber growth in the U.S. is lagging behind competitors like Netflix, and that penetration gaps exist in lower-income, price-sensitive households , what concrete strategies are you implementing to close this gap and enhance your reach within this segment, and how do you plan to measure the effectiveness of these initiatives?

  2. With the ongoing declines in linear advertising and affiliate revenues , and considering the importance of the Networks business to your overall profitability , what specific cost reduction opportunities have you identified to mitigate these revenue declines, and how confident are you in the sustainability of the Networks business profitability going forward?

  3. As you have acknowledged the need for meaningful industry consolidation to improve the consumer experience and provide stronger platforms , what is your strategic stance on potential M&A activities or partnerships, and how do you plan to balance this with the goal of unlocking shareholder value in the current regulatory environment?

  4. With the Max ad-supported tier expanding from one market to over 45 in under six months , and considering your light ad load and room for growth in ad capacity, what are your targets for achieving advertising scale in direct-to-consumer, and what specific steps are you taking to innovate in ad formats and pricing to maximize this opportunity?

  5. Considering that many of your assets are currently undervalued , and that the company is focused on enhancing shareholder value, what are the tangible benefits of maintaining an integrated company structure encompassing both growth segments like Studios and Streaming and declining segments like Linear Networks , and are you open to structural changes to unlock value if the market continues to undervalue the combined entity?

Research analysts who have asked questions during Warner Bros. Discovery earnings calls.

YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
2024296 Senior Notes3.900 0.7% = (296 / 40,209) * 100
20252,749 Senior NotesN/A6.8% = (2,749 / 40,209) * 100
20261,500 Senior Notes6.412 3.7% = (1,500 / 40,209) * 100
2030700 Senior Notes4.302 1.7% = (700 / 40,209) * 100
2033915 Senior Notes4.693 2.3% = (915 / 40,209) * 100
2042-2062N/ASenior Notes1.90-8.30 N/A
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP2008 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

WarnerMedia

2022

Completed via a Reverse Morris Trust transaction on April 8, 2022 to form Warner Bros. Discovery, Inc., with AT&T shareholders receiving 71% and Discovery shareholders 29%. The deal involved distributing $40.5 billion in cash, debt securities, and retained debt to AT&T along with transferring $42.4 billion in Discovery equity, strategically merging premium entertainment assets with nonfiction and international content to create a global leader.

Recent press releases and 8-K filings for WBD.

Warner Bros. Discovery sees $6 billion cash takeover bid by Paramount Skydance
·$WBD
M&A
Layoffs
  • Paramount Skydance, backed by Larry Ellison’s family, has offered $6 billion in cash plus $2 billion from RedBird to acquire Warner Bros. Discovery outright, potentially stopping WBD’s planned split by April 2026.
  • WBD’s shares surged on the news of the all-cash bid, reflecting investor optimism about a major media consolidation.
  • Paramount Skydance also plans up to 3,000 job cuts to save $2 billion, and Oracle may sign a $100 million/year enterprise deal with Skydance.
  • Regulatory approval remains uncertain, marking a significant hurdle for the potential takeover.
Sep 11, 2025, 6:39 PM
Warner Bros. Discovery announces Q2 2026 split and strategic priorities
·$WBD
M&A
Guidance Update
New Projects/Investments
  • In Q2 2026 Warner Bros. Discovery will separate into Warner Bros. and Discovery Global, with net debt reduced to ~$30 billion and a retained stake of up to 20% in Warner Bros. to be monetized over the following year.
  • Strong momentum: six consecutive successful film openings (~$40 million average) and 2025 cash-flow guidance of ≥$2.4 billion from the studio and ≥$1.3 billion from streaming.
  • Streaming aims for 20%+ margins, focusing on customer lifetime value vs. acquisition cost and leveraging past platform investments for operational gearing.
  • International HBO Max rollout continues, targeting 10 million UK subscribers via Sky and planned launches in Italy and Germany in 2026.
  • Post-split Discovery Global will hone its networks and digital brands, with a CNN streaming app launching in weeks and a TNT Sports streaming solution ready at separation.
Sep 3, 2025, 6:10 PM
Warner Bros. Discovery reports Q2 2025 results
·$WBD
Earnings
Guidance Update
  • HBO Max added 3.4 million subscribers in Q2 2025; streaming is on track to exceed $1.3 billion adjusted EBITDA in 2025 and reach 150 million subscribers by 2026.
  • Studios business projected to deliver $2.4 billion adjusted EBITDA in 2025, targeting $3 billion; Warner Bros. opened five consecutive films with over $45 million domestic box office.
  • Warner Bros. TV led all studios with 142 Emmy nominations, and major franchises (Superman, Harry Potter, The Lord of the Rings) are in active development to fuel future growth.
  • Net leverage declined from over to 3.3× since the merger; the company plans to split into two independent public entities in 2026.
  • Content licensing strategy now emphasizes exclusivity on HBO Max—opting out of near-term library sales to drive long-term subscriber growth.
Aug 7, 2025, 2:20 PM
Warner Bros. Discovery amends revolving credit and secures bridge loan
·$WBD
Debt Issuance
  • On June 26, 2025, Warner Bros. Discovery entered into Amendment No. 1 to its multicurrency revolving credit agreement, reducing the aggregate commitments to $4 billion, permitting the incurrence of bridge-loan debt, aligning covenants with the bridge facility and providing for early termination upon the Separation Transaction.
  • Concurrently, the company and its subsidiaries executed a non-investment grade leveraged bridge loan agreement with a syndicate led by JPMorgan Chase Bank, N.A. as administrative and collateral agent (filed as Exhibit 10.1).
Jun 26, 2025, 12:00 AM
Warner Bros. Discovery announces pricing terms for cash tender offers
·$WBD
Debt Issuance
  • Warner Bros. Discovery subsidiaries will repurchase substantially all outstanding notes for cash, with Total Consideration set by reference yields plus a $50 early tender premium per $1,000 principal tendered by the June 23, 2025 Early Tender Deadline.
  • As of June 24, 2025, aggregate tendered amounts, proration factors (e.g., 68% for WMH’s 3.755% 2027 notes), and Total Consideration (e.g., $986.10 for those notes) were calculated for each series.
  • The Offers expire on July 9, 2025, and—subject to financing and other conditions—holders tendering by the Early Deadline will be settled on an Early Settlement Date of June 30, 2025.
  • J.P. Morgan Securities LLC & plc serve as Lead Dealer Managers, Evercore Group L.L.C. as Co-Dealer Manager, and Kirkland & Ellis LLP as legal counsel to the issuers.
Jun 24, 2025, 7:25 PM
Warner Bros. Discovery Receives Consents for Indenture Amendments and Tender Settlements
·$WBD
Debt Issuance
  • Warner Bros. Discovery receives requisite consents for proposed amendments to indentures governing multiple series of senior notes and debentures as part of its cash tender offers and consent solicitations, effective as of June 13, 2025 .
  • Supplemental indentures executed on June 13 and 16, 2025 will become operative upon settlement of their respective cash tenders .
  • Valid tenders covered up to 98.59% of outstanding notes across six pools, including $516.5 million (79.47%) of 4.900% Senior Notes due 2026 .
  • Early settlement of valid tenders is expected on June 30, 2025, with final settlement no earlier than four business days after the July 9, 2025 expiration .
  • The amendments will eliminate most restrictive covenants, remove default triggers (other than non-payment and insolvency), abolish change-of-control repurchase obligations, and introduce new repurchase limits, additional covenants, and non-boycott provisions .
  • These actions follow the commencement on June 9, 2025 of tender offers and consent solicitations by Discovery Communications, LLC, WarnerMedia Holdings, Inc., Warner Media, LLC, and Historic TW, Inc. for the cash purchase of substantially all their outstanding securities .
Jun 16, 2025, 12:00 AM
Warner Bros. Discovery amends executive agreements ahead of planned spin-off
·$WBD
Executive Compensation
CEO Change
CFO Change
  • Warner Bros. Discovery and its subsidiary entered into amended employment agreements with CEO David Zaslav and CFO Gunnar Wiedenfels in connection with the planned spin-off of its Streaming & Studios division (ContentCo) and Global Networks division (the “Separation”).
  • Under the amended Zaslav Agreement, pre-Separation terms remain until closing; upon closing, Zaslav—now CEO of ContentCo—will earn a $3 million base salary, $6 million target annual bonus, annual equity grants worth $15.5 million (first year) then $7.5 million, plus a 20,898,776-option special grant (60% performance-vesting, 40% time-based).
  • The Wiedenfels Agreement, effective only upon the Separation, appoints him CEO of Global Networks with a $2.5 million base salary, 350% of salary bonus target, $16 million annual equity target and a $15 million one-time inducement award (50% RSUs, 50% options).
  • Both agreements must be consummated by December 31, 2026 or they lapse (pre-existing terms continue); they include customary severance provisions (double-trigger for Zaslav) and restrictive covenants.
  • The Compensation Committee restructured CEO pay to emphasize at-risk long-term equity and introduced double-trigger change-in-control cash severance, addressing shareholder feedback.
Jun 16, 2025, 12:00 AM
Warner Bros. Discovery Tender Offer FAQ Highlights
·$WBD
Debt Issuance
  • The FAQ clarifies that bridge takeout allocation will see a majority remaining at GN with a smaller portion allocated to S&S, and confirms that no bonds port to S&S.
  • It details the inclusion of an anti-boycott provision in the bonds and outlines the upsize options available for the tender offers, including a potential bridge upsize option of up to $2.5bn.
  • The disclosure also explains that proceeds from the sale of GN’s retained stake in S&S are intended solely to repay GN debt, aiming to maintain a tax-free status if executed within the specified timeframe.
Jun 11, 2025, 12:00 AM
Warner Bros Discovery Announces Structural Transformation
·$WBD
M&A
Debt Issuance
  • Separation Announcement: The company will split its Global Networks and Streaming & Studios into two independent publicly traded companies by mid-2026, with Global Networks retaining up to a 20% stake in the spun-off entity.
  • Debt Reduction & Synergies: Warner Bros Discovery has paid down $19B in debt and realized $5B in non-content synergies, reinforcing its financial flexibility.
  • Growth Prospects: The company targets surpassing 150M subscribers by end-2026 and delivering at least $1.3B adjusted EBITDA this year, with studios aiming for over $3B adjusted EBITDA.
Jun 9, 2025, 7:01 PM
Warner Bros. Discovery to split into two companies
·$WBD
M&A
  • Warner Bros. Discovery will split into two independent publicly traded companies by mid-2026, separating its streaming & studios arm from its global television networks.
  • The Streaming & Studios division (HBO, Max, Warner Bros. film) will be led by CEO David Zaslav, while the Networks unit (CNN, Discovery, TNT Sports) — which will assume most of the company’s debt — will be headed by CFO Gunnar Wiedenfels.
  • The move unwinds the 2022 WarnerMedia-Discovery merger in response to declining cable TV revenue, heavy debt burdens, and fierce streaming competition.
  • Analysts expect the split to sharpen strategic focus, boost growth in streaming, and potentially position the networks business for consolidation or sale; Bank of America views the recent S&P downgrade as positive for removing restrictive covenants.
Jun 9, 2025, 11:08 AM