Warner Bros. Discovery: A look at the merger of two legacy media giants

Warner Bros. Discovery (WBD) – a company with deep roots in the entertainment industry for over a century – was only formed a short two years ago.
Beyond the Ticker takes a deep dive into the media giant’s history, as it grapples with legacy media challenges and looks to build its streaming business into a serious industry player.
1923
Warner Brothers was founded on April 4, 1923, and quickly built itself into one of the Big Five American studios, alongside Universal Pictures (CMCSA), Paramount Pictures (PARA), Walt Disney Studios (DIS), and Sony Pictures (SONY).
1966
The Kinney National Company was formed. Its media division became Warner Communications.
1982-1985
Discovery was founded as the Cable Educational Network. The Discovery Channel launched soon after in 1985.
1990
Warner Communications was established as Time Warner, following a high-profile merger with Time Inc., that created the largest media company at the time.
1996
Time Warner purchased the Turner Broadcasting System in a $7.5 billion deal. That led to the acquisition of assets like HBO, Cinemax, Warner Bros. Studios, CNN, and Turner Sports.
2018
Time Warner was acquired by AT&T (T) for $85.4 billion. It was renamed WarnerMedia.
2022
The two companies officially merged after WarnerMedia was spun off by AT&T, joining forces with Discovery in a deal valued at $43 billion.
Trading began on the Nasdaq on April 11, 2022, under the new ticker symbol WBD. Shares opened at $24.08 per share.
2023
The joint company’s first major project – the streaming launch of Max – offered content from Warner Bros., Discovery Channel, HBO, CNN, Cartoon Network, Animal Planet, and more.
In 2023, the company generated more than $43 billion in total revenue, a 22% year-over-year increase. Still, its streaming segment lost more than $2 billion over that same time period.
But despite various profitability hurdles, Warner Bros. Discovery is still aiming for a top spot in the ever-evolving entertainment industry – with investors awaiting its next wave of innovation.
From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today.
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