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" .
- Studios - Engages in the production and release of feature films, television programs, and interactive gaming, along with related consumer products and themed experience licensing .
- Networks - Comprises domestic and international television networks, generating revenue through advertising and distribution fees .
- 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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| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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.
Robert Fishman
MoffettNathanson
6 questions for WBD
Jessica Reif Ehrlich
Bank of America Securities
5 questions for WBD
Richard Greenfield
LightShed Partners
5 questions for WBD
Benjamin Swinburne
Morgan Stanley
4 questions for WBD
Bryan Kraft
Deutsche Bank AG
4 questions for WBD
Steven Cahall
Wells Fargo & Company
4 questions for WBD
John Hodulik
UBS Group AG
3 questions for WBD
Michael Ng
Goldman Sachs
3 questions for WBD
Peter Supino
Wolfe Research
3 questions for WBD
Ric Prentiss
Raymond James
3 questions for WBD
David Joyce
Seaport Research Partners
2 questions for WBD
David Karnovsky
JPMorgan Chase & Co.
2 questions for WBD
Jessica Reif Cohen
Bank of America Merrill Lynch
2 questions for WBD
Kannan Venkat
Barclays
2 questions for WBD
Kannan Venkateshwar
Barclays PLC
1 question for WBD
Kutgun Maral
Evercore ISI
1 question for WBD
Michael Nathanson
MoffettNathanson
1 question for WBD
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The Board has initiated a review of strategic alternatives following unsolicited interest in both the entire company and its Warner Bros. unit.
- Potential options include completing the planned separation into two companies by mid-2026, selling the entire company, or separate deals for Warner Bros. or Discovery Global.
- An alternative separation structure under consideration would merge Warner Bros. and spin off Discovery Global to shareholders.
- There is no deadline for the review; advisors are Allen & Company, J.P. Morgan, Evercore, with legal counsel from Wachtell Lipton and Debevoise & Plimpton.