Warner Bros. Discovery, Inc. Series A (WBD)

The past six months have been eventful for WBD's stock, including the company reviewing strategic alternatives, reporting its third-quarter 2025 results, and Paramount accusing WBD of an unfair bidding process. Netflix announced an agreement to acquire WBD's streaming and studios company for $72 billion, valuing WBD at $82.7 billion, with the deal expected to close by Q3 2026. Paramount publicly offered a $30-a-share cash bid for WBD, and later revised its bid, maintaining the $30 cash per share value, with Larry Ellison personally guaranteeing equity financing. CFO Gunnar Wiedenfels sold 242,994 shares of company stock. WBD's board unanimously rejected Paramount's revised $108.4 billion hostile takeover bid, and Paramount filed a lawsuit in Delaware's Chancery Court, seeking to compel WBD to disclose financial data related to the takeover bids. The company's stock has seen significant appreciation, with a 197.78% increase over the past 12 months as of January 9, 2026. As of January 12, 2026, the share price was $28.40, marking a 188.62% increase from January 13, 2025.

The Studios segment likely experiences seasonal peaks during summer blockbuster seasons and holiday periods. Linear TV networks may see fluctuations in advertising revenue tied to specific viewing seasons or major events, such as sports seasons. Streaming services like Max and Discovery+ may experience subscriber growth or increased engagement during periods of new content releases or promotional campaigns. Specific programming, such as Food Network's holiday lineup and Shark Week, indicates seasonal content offerings that likely drive demand during particular times of the year.

Warner Bros. Discovery operates as a multinational mass media and entertainment company focused on creating and distributing content across television, film, and streaming platforms. The company's major products and services are categorized into Streaming & Studios, encompassing Warner Bros. film, television, and video game studios, DC Studios, DC Entertainment, Cartoon Network Studios, HBO, its flagship streaming service Max, Turner Classic Movies, New Line Cinema, Warner Bros. Pictures Animation, and Warner Bros. Games. The Global Linear Networks division includes a vast portfolio of cable networks such as Discovery Channel, CNN, Eurosport, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Adult Swim, and TNT Sports. Additionally, WBD is involved in consumer products, video gaming, licensing, publishing, and themed entertainment.

Warner Bros. Discovery has a worldwide presence, with the United States being its largest market, accounting for approximately 67-68% of its total revenue. Non-U.S. markets contribute around 32-33% of the company's revenue. The company's streaming service, HBO Max, is actively expanding its international footprint, with launches planned for Germany, Italy, the UK, and Ireland in the first half of 2026. In December 2023, WBD also acquired the Turkish streaming platform BluTV, which operates in the MENA region.

In the past year, Warner Bros. Discovery's brand reputation has seen both positive recognition and significant controversies. Positive aspects include being recognized by Forbes in America's Dream Employers, World's Best Employers, and America's Best Employers for Tech Workers. The company also demonstrated leadership in the 2025 box office and reverted its flagship streaming service name from Max back to HBO Max. Negative events and controversies include S&P Global Ratings downgrading WBD to junk status, WBD announcing plans to split into two companies, the company reporting a $10 billion loss in Q2 2025, and WBD being involved in a legal dispute with the NBA, which was later settled. The ongoing bidding war and legal challenges with Paramount regarding the Netflix acquisition of WBD's studio and streaming assets have also generated considerable controversy and antitrust scrutiny from regulators.

Institutional investors hold a substantial portion of Warner Bros. Discovery shares, owning approximately 71% of the company, while insiders own just under 6%. Major institutional owners include Vanguard Group Inc., BlackRock Inc., State Street Corp., Harris Associates L.P., Geode Capital Management LLC, and Advance Publications, Inc. Key individual owners (insiders) include Steven O. Newhouse, John Malone, Kenneth Lowe, Paul Gould, and Samuel Di Piazza, Jr.