Global screen-content group
Warner Bros. Discovery, Inc.
Warner Bros. Discovery earns revenue from HBO Max subscriptions, affiliate fees, advertising and film and TV licensing. Skydance completed its cash acquisition on October 6, 2026; WBD became a wholly owned subsidiary and its shares were delisted from Nasdaq. FY2025 revenue of $37.296 billion is its pre-acquisition standalone result.
Business categories Streaming & Entertainment · Communications & Media · primary
- Streaming & Entertainment: Skydance Corporation · The Walt Disney Company · Fox Corporation · Netflix · Live Nation Entertainment, Inc.
Updated Oct 20, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Warner Bros. Discovery, Inc. is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 12 dated sources, 2 of them primary filings (as of 2026-10-20).
Financials & Segments
- Total revenue · FY2025 total revenue of $37.296 billion (SEC Form 10-K, 2026-02-27)
- Segments · Streaming · Studios · Global Linear Networks
Revenue from
- Coupang Medium confidence
Coupang Play is WBD's exclusive Korean licensing partner for HBO and Max originals and Warner Bros. films. Partner-specific licensing consideration was not disclosed.Confirms EN S&P Global Market Intelligence Kagan Published Jan 13, 2026: Implications of the Netflix-Warner Bros. Discovery Deal for the APAC RegionConfirms KO Coupang Newsroom Published Mar 11, 2025: Coupang Play Signs Exclusive HBO and HBO Max Original Content Partnership - Charter Communications Medium confidence
Charter is a long-term distributor that bundles WBD's linear networks and the ad-supported Max and Discovery+ services into Spectrum packages. Financial terms were not disclosed.Confirms EN Warner Bros. Discovery Published Sep 12, 2024: Warner Bros. Discovery and Charter Communications Announce Early Renewal Agreement - Comcast Corporation Medium confidence
Comcast distributes WBD's linear networks, HBO, and the ad-supported Max and Discovery+ services through Xfinity and Sky. Financial terms were not disclosed.Confirms EN Comcast Corporation Published Dec 9, 2024: Comcast and Warner Bros. Discovery Announce Multi-Year Distribution Agreements Across Xfinity and Sky UK
Pays to
- All Elite Wrestling Medium confidence· Contract value $170M (est.) · annual value under three-year deal with fourth-year option · Estimated annual agreement value including AEW rights fees and other elements
WBD renewed a multi-year media-rights agreement for AEW weekly shows and pay-per-view distribution across TBS, TNT, and Max. The companies withheld financial terms, while an industry publication estimated the annual value including rights fees and other elements.Confirms EN Warner Bros. Discovery Published Oct 2, 2024: Warner Bros. Discovery and All Elite Wrestling Establish New Era with Multi-Year Media Rights Renewal - French Tennis Federation Medium confidence· Contract value $65M · 2025-2034 annual average · Average annual rights fee under the 10-year U.S. French Open media agreement
WBD acquired U.S. French Open rights from the French Tennis Federation. The annual average reported by AP is used as the counterparty-specific contract metric.Confirms EN Associated Press Published Jun 11, 2024: TNT Sports Reaches 10-Year Deal to Carry the French Open Beginning Next Year
Investors
- Paramount Skydance Corporation High confidence· Amount $78B · closing 2026-10-06 · Aggregate WBD common-stock merger consideration, excluding assumed debt
Skydance completed its WBD acquisition on October 6, 2026. WBD became wholly owned; aggregate common-stock merger consideration was approximately $78 billion.Confirms KO EBN Published Oct 12, 2026: Shinsegae invested KRW 1.36tn as Paramount closed WBD acquisitionConfirms EN U.S. Securities and Exchange Commission Published Oct 6, 2026: WBD Form 8-K: merger completionConfirms EN Paramount Skydance Corporation Published Sep 8, 2026: Paramount Skydance Moves to Protect Against Costs of Delay as WBD Merger Is Ready to CloseConfirms EN Axios Published Feb 27, 2026: Hollywood's Mega-Merger Battle Ends with Warner Bros. as the Real Winner
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Trade Desk (The) | lead2 | +14.4 | -51.1 | +60.5 | +63.3 | -67.7 | -68.2 |
| Comcast Corporation | lead1 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Charter Communications, Inc. | lead1 | -1.4 | -48 | +14.6 | -11.8 | -39.1 | -27.2 |
| Coupang | lead1 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Warner Bros. Discovery, Inc. | node | -21.8 | -59.7 | +20 | -24.9 | · | +262 |
| Skydance Corporation | benef1 | -17.2 | -41.8 | -10.4 | -28 | +30 | -46.4 |
| TKO Group Holdings, Inc. | benef2 | +3.6 | +39.9 | +23.9 | +74.2 | +48.9 | -10.3 |
YTD as of 2026-10-05 · source: Yahoo Finance
WBD was up 262% year to date through October 5, 2026. Its shares were delisted after the October 6 cash acquisition. The rise was an event return converging on the $31.01666668 cash consideration rather than evidence of gains propagating along a content value chain. Its $37.296 billion FY2025 standalone revenue must not be mixed with post-acquisition combined results; Skydance’s $6.9 billion Q2 2026 revenue also excludes WBD. Subsequent reports must reveal content costs, carriage fees, HBO Max and Paramount+ subscriptions and net debt under the new owner. WBD’s historical return belongs to holders before closing and is no longer an investable listed equity return.
Analysis generated from returns as of 2026-10-05Analyses covering this node
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