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Warner Bros. Discovery
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Updated Oct 6, 2026
Skydance completes $78B acquisition of Warner Bros. Discovery, delisting WBD from Nasdaq and ending its existence as a public company.
Skydance Corporation closed its acquisition of Warner Bros. Discovery on October 6, 2026, paying $31.01666668 per share in cash — inclusive of ticking consideration — in a transaction valued at approximately $78 billion funded by a combination of equity and debt financing. WBD Common Stock has been delisted from Nasdaq, all legacy credit facilities have been repaid and terminated, and WBD now operates as a wholly owned subsidiary of Skydance. The entire senior leadership team — including CEO David Zaslav and CFO Gunnar Wiedenfels — has departed or is separating imminently, marking a complete governance reset.
Tone: neutralRevenue
$37.3B
WBD 10-K · FY 2025
Employees
35,500
Revenue FY2024
$39.3B
Headquarters
New York
Profile
WBD 10-K Item 1 · Feb 27, 2026Warner Bros. Discovery is a global media and entertainment company operating across television, film, streaming, interactive gaming, and consumer products through brands including HBO Max, CNN, Discovery Channel, and DC Studios. The company operates three reportable segments: Streaming, Studios, and Global Linear Networks. As of December 31, 2025, WBD had 131.6 million streaming subscribers and was in the process of a pending acquisition by PSKY at $31.00 per share.
Read filing description ↓ Collapse description ↑
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others. We are home to one of the largest collections of owned content in the world with assets and intellectual property across sports, news, lifestyle, and entertainment in most languages and regions of the globe. We create some of the best-in-class content using our renowned library, beloved franchises, and acclaimed creative expertise to serve our audiences and consumers. Our asset mix strongly positions us to execute our key strategies: grow our streaming business globally, enhance our Studios segment, and manage our linear networks for the best possible success in order to create long-term value for our shareholders. We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home satellite, telecommunication and digital service providers, as well as through direct-to-consumer subscription services; the sale of advertising on our networks and digital platforms; the release of feature films, licensing of feature films and television programs, distribution through home entertainment markets, sales of console games and mobile in-game content, sublicensing of sports rights, and licensing of intellectual property such as characters and brands; and other sources such as studio tours and production services.
Primary products
- HBO Max
- discovery+
- HBO
- CNN
- Discovery Channel
- Food Network
Business segments
End markets
Geographies
Named customers
“We are home to one of the largest collections of owned content in the world with assets and intellectual property across sports, news, lifestyle, and entertainment in most languages and regions of the globe.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined 5% year-over-year in 2025, driven by a 10% drop in advertising revenue and a 6% decline in content revenue, partially offset by streaming subscriber growth of 13%.
The rest of WBD is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.