What it does
Warner Bros. Discovery states that it is a global media and entertainment company creating and distributing content and products across television, film, streaming, interactive gaming, publishing, themed experiences and consumer products. Its reportable segments are Streaming, Studios and Global Linear Networks. The Streaming segment includes services such as HBO Max and discovery+ and premium pay-TV services; Studios covers film and television production, distribution, consumer products, experiences and games; and Global Linear Networks comprises domestic and international television networks, including news, entertainment, lifestyle and sports offerings.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it earns distribution revenue from fees paid by cable, satellite, telecommunications and digital providers that carry its networks and programming, as well as from direct-to-consumer subscriptions. It also earns advertising revenue from networks and digital platforms. Content revenue includes theatrical releases, licensing of films and television programs, home entertainment distribution, game sales and in-game content, sports-rights sublicensing, and intellectual-property licensing. Other revenue includes studio tours and production services. The segment table below provides the revenue detail for Streaming, Studios and Global Linear Networks.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company serves audiences and consumers through distributors, direct-to-consumer streaming services, advertisers, and buyers and licensees of its content and intellectual property. It describes its content assets as spanning sports, news, lifestyle and entertainment across most languages and regions globally. Its Streaming services are available on most mobile and connected-TV devices, and its Global Linear Networks segment includes domestic and international television networks. The filing also states that the company produces and distributes programming and operates streaming services outside the United States.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
Competition
The filing describes content provision across distribution platforms as highly competitive worldwide. The company states that it competes for content development and acquisition, distribution and sales of content, advertising sales and viewership. It identifies competing categories rather than naming specific companies: production studios, television networks, online-based content providers, streaming services, studios and production companies, social-media and free-video platforms, and new participants from adjacent sectors. The filing does not name individual competitors in its competition discussion.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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The completion of the PSKY Merger is subject to conditions largely outside the parties’ control and may not occur within the expected timeframe or at all.
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The company operates in highly competitive industries, and inability to compete effectively could affect its business, financial condition and results of operations.
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Bridge Loan Facility terms may restrict current and future operations, including the ability to respond to changes or take certain actions.
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An inability to effectively reduce and sustain its leverage ratio could have significant negative consequences for financial condition and results of operations.
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Changes in laws and regulations could adversely affect the business, financial condition and results of operations.
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Theft, unauthorized duplication, distribution or exhibition of intellectual property, and other impairments of intellectual-property rights, may decrease revenue and adversely affect operations.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company had approximately 35,500 employees, including full-time and part-time employees of wholly owned subsidiaries and consolidated ventures. The company states that its people and culture programs are intended to provide competitive, locally relevant benefits, performance-based pay, and nonfinancial support and incentives. Its learning and development team provides in-person, virtual and online learning opportunities globally, along with tuition reimbursement for eligible courses.
Source: Warner Bros. Discovery, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov