Warner Bros. Discovery, Inc., commonly known as Warner Bros. Discovery (WBD), is a publicly traded American multinational mass media and entertainment conglomerate headquartered in New York City. Formed on April 8, 2022, from the spin-off of WarnerMedia by AT&T and its merger with Discovery, Inc., the company trades on Nasdaq under the ticker WBD. As of May 2026, WBD has an approximate market capitalization of $68 billion and reported annual revenue of around $37.2 billion for 2025. The company's employee count in 2025 was approximately 35,500.
Warner Bros. Discovery operates through two primary divisions: Streaming & Studios and Global Linear Networks. The Streaming & Studios division includes Warner Bros. film and television studios, HBO, DC Entertainment, and streaming services like HBO Max. The Global Linear Networks division encompasses a vast portfolio of advertising-supported cable networks such as Discovery Channel, CNN, HGTV, Food Network, TLC, TNT, and TBS, along with the Discovery+ streaming service. The company produces and distributes content across film, television, streaming, and gaming for audiences worldwide.
In terms of patent litigation, Warner Bros. Discovery currently has a defensive posture. The company has been involved in one tracked U.S. patent litigation case, appearing solely as a defendant. This indicates it is an operating company defending against patent assertions rather than an entity primarily asserting patents.
The sole tracked case involving Warner Bros. Discovery is Nokia Technologies Oy v. Warner Bros. Entertainment Inc. et al., filed on November 1, 2025, in the U.S. District Court for the District of Delaware. This case highlights the company's involvement in defending against intellectual property claims in a key U.S. patent litigation venue. Separately, as of April 2026, a proposed sale of Warner Bros. Discovery to Paramount Skydance has been agreed upon, pending U.S. federal regulatory approval. Additionally, Warner Bros. Discovery has announced plans to split its cable operations from its streaming services into two independent companies, with the streaming and studios segment retaining HBO, HBO Max, and Warner Bros. Television, while the cable company would include CNN, TNT Sports, and Discovery's cable networks.