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.
Bryan Kraft
Deutsche Bank AG
4 questions for WBD
Robert Fishman
MoffettNathanson
4 questions for WBD
Jessica Reif Ehrlich
Bank of America Securities
3 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
Richard Greenfield
LightShed Partners
3 questions for WBD
Benjamin Swinburne
Morgan Stanley
2 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
Rich Greenfield
LightShed Partners
2 questions for WBD
Steven Cahall
Wells Fargo & Company
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
Ric Prentiss
Raymond James
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.
- Warner Bros. Discovery renewed co-CEO contracts for Michael De Luca and Pamela Abdy, underscoring confidence in their strategic vision after a major turnaround.
- The studio delivered a record $4 billion in global box office revenue in 2025, anchored by seven consecutive films with domestic openings above $40 million.
- Nine Warner Bros. releases debuted at #1 worldwide this year, maintaining the top spot for a combined 15 weeks.
- CEO David Zaslav highlighted the recommitment to theatrical roots and strong leadership as key to reestablishing Warner Bros. as an industry leader.
- 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.
- 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.
- 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 5× 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.
- 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).
- 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.
- 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 .
- 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.
- 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.
- 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.