olivLaw · US equity research
Warner Bros. Discovery, Inc. WBD
Cable & Other Pay Television Services · SIC 4841 · Vertical: Cable & Other Pay Television Services (SIC 4841)
Warner Bros. Discovery is a global media and entertainment company with film and television studios, the HBO Max streaming service and linear networks such as TNT, CNN and Discovery Channel. The company is in a transition period in which linear advertising revenue is declining and a merger agreement with Paramount Skydance Corporation (PSKY) is pending, with regulatory and litigation uncertainties. Total revenues fell to 8.7 billion USD in the second quarter of 2026.
At the close of 05 Oct 2026, Warner Bros. Discovery, Inc. (WBD) stock was 30.95 USD, with 52-week range 30.95–30.95 USD. Latest reported quarter (Q2 2026): revenue of 8.7 bn USD (−11.2% YoY), net income of 149.0 m USD (−90.6% YoY), diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- unavailable
- Bollinger (20, 2)
- unavailable – unavailable
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- unavailable / unavailable
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −1.1% | unavailable | — |
| 3 months | unavailable | −0.5% | unavailable | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −13.8% |
| 3 years | unavailable | +76.4% | unavailable | −19.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.6 bn | 10.0 bn | 9.0 bn | 9.8 bn | 9.0 bn | 9.5 bn | 8.9 bn | 8.7 bn |
| Cost of revenue | 5.2 bn | 5.5 bn | 5.1 bn | 6.0 bn | 4.6 bn | 5.2 bn | 4.6 bn | 4.6 bn |
| SG&A | 2.4 bn | 2.2 bn | 2.2 bn | 2.5 bn | 2.4 bn | 2.4 bn | 2.5 bn | 2.6 bn |
| Operating income | 281.0 m | 162.0 m | -37.0 m | -185.0 m | 611.0 m | 349.0 m | -2.5 bn | 237.0 m |
| Depreciation & amortisation | 1.8 bn | 1.6 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.2 bn |
| Interest expense | 494.0 m | 490.0 m | 468.0 m | 463.0 m | 570.0 m | 584.0 m | 581.0 m | 511.0 m |
| Pre-tax income | -178.0 m | -356.0 m | -434.0 m | 2.5 bn | 27.0 m | -408.0 m | -3.1 bn | -271.0 m |
| Income tax | -319.0 m | 284.0 m | 15.0 m | 866.0 m | 170.0 m | -161.0 m | -214.0 m | -433.0 m |
| Net income | 135.0 m | -494.0 m | -453.0 m | 1.6 bn | -148.0 m | -252.0 m | -2.9 bn | 149.0 m |
| Diluted EPS | 0.05 | -0.20 ≈ | -0.18 | 0.63 | -0.06 | -0.10 ≈ | -1.17 | 0.06 |
| Operating cash flow | 847.0 m ≈ | 2.7 bn | 553.0 m | 983.0 m ≈ | 979.0 m ≈ | 1.8 bn | -208.0 m | 848.0 m ≈ |
| Capex | 215.0 m ≈ | 286.0 m | 251.0 m | 281.0 m ≈ | 278.0 m ≈ | 421.0 m | 268.0 m | 276.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.6 bn | 11.1 bn | 10.7 bn | 12.2 bn | 33.8 bn | 41.3 bn | 39.3 bn | 37.3 bn |
| Revenue YoY | +53.5% | +5.6% | −4.2% | +14.2% | +177.4% | +22.2% | −4.8% | −5.1% |
| Net income | 594.0 m | 2.1 bn | 1.2 bn | 1.0 bn | -7.4 bn | -3.1 bn | -11.3 bn | 727.0 m |
| Net income YoY | unavailable | +248.3% | −41.1% | −17.5% | −832.7% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 1.81 | 1.54 | -3.82 | -1.28 | -4.62 | 0.29 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −14.9% | −348.1% | unavailable | unavailable | unavailable |
| net % | 5.6% | 18.6% | 11.4% | 8.3% | -21.8% | -7.6% | -28.8% | 1.9% |
| Free cash flow | 2.4 bn | 3.1 bn | 2.3 bn | 2.4 bn | 3.3 bn | 6.2 bn | 4.4 bn | 3.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 bn USD
- Financial debt
- 32.7 bn USD
- Net debt
- 28.1 bn USD
- Equity
- 37.1 bn USD
- Total assets
- 100.1 bn USD
- Debt / equity
- 0.88x
- Current ratio
- 1.06x
- ROE
- 2.0%
- ROA
- 0.7%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.7 bn | 12.2 bn | 33.8 bn | 41.3 bn | 39.3 bn | 37.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 3.9 bn | 4.6 bn | 20.4 bn | 24.5 bn | 23.0 bn | 20.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 6.8 bn ≈ | 7.6 bn ≈ | 13.4 bn ≈ | 16.8 bn ≈ | 16.4 bn ≈ | 16.4 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| SG&A | 2.7 bn | 4.0 bn | 9.7 bn | 9.7 bn | 9.3 bn | 9.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 2.5 bn | 2.0 bn | -7.4 bn | -1.5 bn | -10.0 bn | 738.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 1.4 bn | 1.6 bn | 7.2 bn | 8.0 bn | 7.0 bn | 5.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 3.9 bn ≈ | 3.6 bn ≈ | -177.0 m ≈ | 6.4 bn ≈ | -3.0 bn ≈ | 6.4 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 648.0 m | 633.0 m | 1.8 bn | 2.2 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 1.7 bn | 1.4 bn | -9.0 bn | -3.9 bn | -11.4 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 373.0 m | 236.0 m | -1.7 bn | -784.0 m | 94.0 m | 890.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 1.2 bn | 1.0 bn | -7.4 bn | -3.1 bn | -11.3 bn | 727.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.81 | 1.54 | -3.82 | -1.28 | -4.62 | 0.29 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 672.0 m | 664.0 m | 1.9 bn | 2.4 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.1 bn | 3.9 bn | 3.7 bn | 3.8 bn | 5.3 bn | 4.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | — | 1.0 m | — | — | — | — | SEC (XBRL)· 05 Aug 2022verified |
| Current assets | 6.1 bn | 7.3 bn | 14.0 bn | 14.2 bn | 14.1 bn | 13.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 5.3 bn | 6.0 bn | 6.1 bn | 6.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 13.1 bn | 12.9 bn | 34.4 bn | 35.0 bn | 25.7 bn | 25.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 7.6 bn | 6.3 bn | 45.0 bn | 38.3 bn | 32.3 bn | 27.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 34.1 bn | 34.4 bn | 134.0 bn | 122.8 bn | 104.6 bn | 100.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 397.0 m | 412.0 m | 1.5 bn | 1.3 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 335.0 m | 339.0 m | 365.0 m | 1.8 bn | 2.7 bn | 139.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 15.1 bn | 14.4 bn | 49.0 bn | 43.7 bn | 39.5 bn | 32.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 3.1 bn | 3.5 bn | 15.0 bn | 15.3 bn | 15.8 bn | 12.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 21.7 bn | 21.0 bn | 85.3 bn | 76.3 bn | 69.6 bn | 62.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 12.0 bn | 13.0 bn | 48.3 bn | 46.3 bn | 34.8 bn | 37.1 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.7 bn | 2.8 bn | 4.3 bn | 7.5 bn | 5.4 bn | 4.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 402.0 m | 373.0 m | 987.0 m | 1.3 bn | 948.0 m | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 2.3 bn ≈ | 2.4 bn ≈ | 3.3 bn ≈ | 6.2 bn ≈ | 4.4 bn ≈ | 3.1 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -703.0 m | -56.0 m | 3.5 bn | -1.3 bn | -349.0 m | -1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -1.5 bn | -853.0 m | -7.7 bn | -5.8 bn | -3.7 bn | -4.2 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Oct 2026Source: olivLaw, closing series
Market cap: unavailable
The price is older than the freshness threshold; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.6% | 22 (vs peers) | 23% |
| Net margin · Quality | -8.8% | 33 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.3% | 28 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 7.9x | 38 (vs peers) | 23% |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 3/3 factors with a value
- Growth· partial28/100 · 1/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Warner Bros. Discovery, Inc. (WBD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 37.3 bn USD in 2025; YoY growth -5.1%; net margin -8.8%; ROE -9.2%; net debt/EBITDA 7.9x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -1.6%
- Revenue CAGR 3Y: 3.3%
- Interest coverage: -0.6x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Cable & Other Pay Television Services (SIC 4841) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. | 77.7 bn | — | -9.2% | -8.8% | −5.1% | unavailable / unavailable |
| CHTRCharter Communications, Inc. | 32.6 bn | 3.1 | 29.7% | 9.1% | −0.6% | −40% / −70% |
| ROKURoku, Inc. | 24.1 bn | 48.2 | 18.2% | 9.3% | +15.2% | +68% / +56% |
| ADEAAdeia Inc. | 1.9 bn | 16.6 | 25.9% | 25.0% | +17.9% | +37% / +84% |
| OPTUOptimum Communications, Inc. | 188.1 m | — | — | -58.1% | −4.1% | −64% / −70% |
| PAAIThe Arena Group Holdings, Inc. | 43.8 m | 4.8 | — | 9.3% | +698.2% | −78% / −60% |
| CABOCable One, Inc. | 29.8 m | — | -126.2% | -72.8% | −4.9% | −96% / −99% |
| AMCXAMC Global Media Inc. | — | — | -2.1% | -0.9% | −4.5% | −5% / −44% |
| LILALiberty Latin America Ltd. | — | — | -32.1% | -3.9% | −0.1% | +47% / +88% |
| LBTYALiberty Global Ltd. | — | — | -22.3% | -44.4% | +12.4% | −16% / +16% |
| GLIBALiberty Capital Corp | — | — | -21.0% | -32.5% | +3.0% | −31% / unavailable |
| RCIRogers Communications Inc. | — | — | 49.0% | 31.8% | +5.4% | −12% / −20% |
| CCZComcast Corporation | — | 20.1 | 11.9% | 9.2% | −0.0% | +1% / +17% |
1- and 3-year price returns: for WBD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Warner Bros. Discovery is a global media and entertainment company with film and television studios, the HBO Max streaming service and linear networks such as TNT, CNN and Discovery Channel. The company is in a transition period in which linear advertising revenue is declining and a merger agreement with Paramount Skydance Corporation (PSKY) is pending, with regulatory and litigation uncertainties. Total revenues fell to 8.7 billion USD in the second quarter of 2026 3.
SWOT
Strengths
- The owned content library and proprietary franchises, from sport and news to entertainment, are assets that are hard to replicate 1.
- The streaming platform has a growing global subscriber base and presence in many markets 13.
- A diverse portfolio of brands lets the company reach several audience and advertiser categories 1.
Weaknesses
Opportunities
- Expanding HBO Max into new markets could bring new subscribers and advertising revenue 1.
- Film and gaming franchises can be monetised through consumer products and themed experiences 1.
- A new structure after completion of the merger or separation of activities could clarify strategy for each segment 2.
Risks
- Completion of the PSKY mergerhigh
The transaction depends on regulatory approvals, shareholder approval and the outcome of lawsuits, and if it does not close the company could owe significant termination fees 2.
- Decline of linear advertisinghigh
If linear audiences keep falling, advertising revenue could continue to decline, and the company may struggle to offset this with streaming 13.
- Debt and financial leveragemedium
The high level of debt and its cost may limit investment and flexibility, especially if revenue falls 3.
- Volatility of studiosmedium
Theatrical and licensing revenue depends on release timing, which makes quarterly results hard to predict 3.
- Competition for talent and contentlow
Rising costs for content and rights could affect margins if competition intensifies 1.
Investment thesis
What would need to be true (bull case)
- If HBO Max continues its international expansion, subscriber growth could gradually offset linear decline 13.
- The content library and strong franchises could support studio and related consumer product revenue 1.
- If the PSKY transaction closes, the company's structure could be simplified with a clearer strategy 2.
What would break the thesis
- If the decline in linear audiences accelerates, advertising revenue could keep falling faster than streaming revenue grows 3.
- If the merger does not close, the company could face termination fees and transaction costs without the expected benefit 2.
- High debt could limit the company's ability to invest in content and expansion 3.
What to watch
- Outcome of merger litigation with PSKY and regulatory approvals2027
- Trend in advertising revenue in the Global Linear Networks segmentQ3 2026
- Growth in HBO Max subscribers and Streaming revenue after international launchesQ4 2026
- Net leverage level and trend in free cash flownext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Warner Bros. Discovery creates and distributes content across television, film, streaming, interactive gaming, publishing, themed experiences and consumer products, under brands such as HBO Max, HBO, CNN, DC Studios and TNT Sports 1. It organises its activity into three reportable segments: Streaming, Studios and Global Linear Networks 1. Revenue comes from fees paid by distributors, advertising sales, licensing of films and programmes, and other sources such as studio tours 1.
In 2025, total revenues were 37.296 billion USD, down 5% from 2024, as advertising and linear distribution declined 1. At the same time, streaming subscribers grew, with HBO Max expanded to over 100 markets and 131.6 million Streaming subscribers at 31 December 2025 1. Debt management remains central, with the company reporting net leverage of 3.4x at the end of the second quarter of 2026 3.
On 27 February 2026 the company entered into a merger agreement with PSKY, under which each WBD share is to be converted into cash at 31.00 USD, plus a additional component if the transaction closes after 30 September 2026 2. The earlier agreement with Netflix was terminated, and PSKY paid a termination fee of 2.8 billion USD on the company's behalf 2. Completion depends on regulatory approvals, shareholder approval and the outcome of lawsuits brought by state attorneys general and writers' unions 2.
Segments
Market context
The media and entertainment market is shifting from linear television toward streaming, and advertising is following this shift, with growing competition from services that offer ad-supported tiers 1. Cable and satellite viewing is declining, which affects both distribution and advertising revenue 1. The company has flagged that tariffs and economic uncertainty could affect advertising spending and production costs 2.
The streaming market remains competitive but offers growth through international expansion, such as the HBO Max launches in Germany, Italy and the UK 1. If this expansion succeeds, it could partly offset the decline in linear revenue 1. Quarterly results show the Streaming segment growing faster than the linear market, which continues to contract 3.
Trends
- Decline of linear televisionheadwind
Linear subscribers are falling and audiences of US networks are shrinking, which pressures distribution and advertising revenue 13.
- Growth of streamingtailwind
HBO Max subscribers are growing globally, and launches in new markets are increasing subscription and ad-lite advertising revenue 13.
- Competition for advertisingheadwind
Growing digital inventory and ad-supported streaming tiers compete for advertising budgets, limiting the rates the company can charge 1.
- Tariffs and economic uncertaintymixed
Tariffs and an uncertain economy could reduce advertising spending and raise production costs, with effects that are hard to predict 2.
Competitive position
The company competes with media, entertainment and technology operators for viewers, attention and advertising budgets 1. The entry of companies from adjacent sectors with large financial resources has increased pressure on costs and prices 1. Competitors that vertically integrate production and distribution may have an advantage in negotiations 1.
In streaming, the company faces platforms with larger subscriber bases and higher household penetration, so content differentiation remains essential 1. In advertising, competition comes from linear networks, digital platforms and FAST services 1.
- Paramount Skydance Corporation
Party to the merger agreement with WBD and to a competing proposal that could result in an integrated combined company 2.
- Netflix
Former counterparty for the acquisition of the Streaming and Studios segments, and a direct competitor in streaming 12.
- ad-supported streaming services
Services with larger subscriber bases and ad-supported tiers that compete for advertising budgets 1.
- linear networks and FAST platforms
Competitors for audiences and advertising, including free ad-supported products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Mii de angajați Disney vor fi concediați. Gigantul american reduce bugetele cu 20%Libertatea.ro · 04 Nov 2026 · RO
- Why Peacock is making a huge bet on YouTubeThe Verge · 02 Nov 2026 · EN
- Corporate America's Trump trapAxios · 30 Oct 2026 · EN
- Skydance предложила сотрудникам добровольно уйти после покупки WBDRBC News (RU business+politics) · 27 Oct 2026 · RU
- Brazil election tests Lula leftist legacy against Bolsonaro right - wing movementSurge — GDELT DOC · 25 Oct 2026 · RO
- СМИ сообщили, что Маск инвестировал около $1 млрд в SkydanceInterfax Russia (RU) · 22 Oct 2026 · RU
- Acțiunile Moderna au crescut după includerea în indicele Nasdaq-100 - https://www.goldring.ro/roSurge — Google News · 22 Oct 2026 · RO
- Demisie în televiziune. Celebra prezentatoare părăsește postul TV după 43 de aniLibertatea.ro · 20 Oct 2026 · RO
- Several French cities impose curfews after weekend of chaos and protests spreading to parts of EuropeSurge — GDELT DOC · 20 Oct 2026 · RO
- Amid US pressure on settler violence , Israel arrests at least 10 suspected of West Bank attacks on journalist , diplomatsSurge — GDELT DOC · 19 Oct 2026 · RO
- Restructurare la Netflix: 1.000 de angajați pleacă, șeful de conținut este înlocuit - Ziarul TopSurge — Google News · 16 Oct 2026 · RO
- Acțiunile Netflix scad 3% după schimbări în conținut care nu liniștesc investitorii - InvezzSurge — Google News · 16 Oct 2026 · RO
- Netflix pregătește cel mai mare val de concedieri din ultimii aniSpotMedia.ro · 14 Oct 2026 · RO
- Netflix se pregătește să concedieze aproape 1.000 de oameni. Mesajul trimis de directorii companiei de streaming angajaților - Antena 3Antena 3 CNN · 14 Oct 2026 · RO
- Skydance Bonds Extend Losses Amid Buyout AngstBloomberg Markets · 13 Oct 2026 · EN
- Discovery Plus is getting more expensiveThe Verge · 13 Oct 2026 · EN
- Did Ukraine’s Yandex Strike Silence Russia’s Trolls?Visegrad Insight (EN) · 12 Oct 2026 · EN
- Will Warner Bros. kill Skydance — or will David Ellison kill Warner Bros?The Verge · 10 Oct 2026 · EN
- O tranzacţie care schimbă industria entertainmentului. Paramount şi Warner Bros. Discovery au oficializat fuziunea - Pagina de mediaSurge — Google News · 08 Oct 2026 · RO
- De ce scad acțiunile Skydance în ciuda finalizării tranzacției cu Warner Bros. - InvezzSurge — Google News · 07 Oct 2026 · RO
SEC filings
- Current report06 Oct 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Delisting notice · Item 3.03 · Item 5.01 · Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report04 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report27 May 2026Material agreement · Item 3.03 · Other events · Financial statements and exhibits
- Current report19 May 2026Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Warner Bros. Discovery, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Warner Bros. Discovery, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Warner Bros. Discovery, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.