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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$77B
Deal price
$31/sh
Revenue (2025)
$37.3B
HBO Max subs
~132M
Net debt
~$29B
Net leverage
3.3×
Rev. growth
-5%
Div yield
0%
In plain English
Warner Bros. Discovery is the studio-and-streaming giant formed when AT&T's WarnerMedia merged with Discovery in 2022 — it makes films and TV (Warner Bros., DC, HBO), runs the HBO Max streaming service (~132M subscribers) and owns a wall of cable channels (CNN, TNT, Discovery, Food Network). After a planned split into two companies and a Netflix deal both fell through, WBD agreed in early 2026 to be bought whole by Paramount Skydance for ~$110.9B ($31/share) — a takeover cleared by the US DOJ in June 2026 and due to close in Q3 2026.
In simple terms
What Warner Bros. Discovery really sells
Warner Bros. Discovery is the studio-and-streaming giant formed when AT&T's WarnerMedia merged with Discovery in 2022 — it makes films and TV (Warner Bros., DC, HBO), runs the HBO Max streaming service (~132M subscribers) and owns a wall of cable channels (CNN, TNT, Discovery, Food Network). After a planned split into two companies and a Netflix deal both fell through, WBD agreed in early 2026 to be bought whole by Paramount Skydance for ~$110.9B ($31/share) — a takeover cleared by the US DOJ in June 2026 and due to close in Q3 2026.
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