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Warner Bros. Discovery
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
The company's properties are divided into two divisions: Streaming & Studios—which consists of the flagship Warner Bros. studios, HBO, DC Entertainment, and the company's streaming services among other properties, and Global Linear Networks—which largely consists of advertising-supported cable networks inherited from its predecessors Discovery (such as Discovery Channel among others), Scripps Networks Interactive (such as HGTV among others), and Turner Broadcasting System (in-name only; such as Cartoon Network, CNN, TBS, and TNT among others). Warner Bros. Discovery International is also included in the division, which oversees WBD's broadcasting operations outside of the United States.
Warner Bros., Turner Broadcasting System, Scripps Networks Interactive and Discovery, Inc. have conjoined histories. Warner Bros. was founded on April 4, 1923, by four brothers, Harry, Albert, Sam, and Jack Warner. The company established itself as a leader in the American film industry before diversifying into animation, television, and video games and is one of the "Big Five" American film studios, as well as a member of the Motion Picture Association (MPA). In 1965, Turner Broadcasting System was founded by Ted Turner and based in Atlanta, Georgia. A year later, Kinney National Company came into existence and it reincorporated as Warner Communications in 1972 before merging with Time Inc. in 1990 to become Time Warner. During its time as Warner Communications, the company made a number of further acquisitions.
In 1979, Warner Communications formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. American Express acquired a 50% stake in Warner Communications' cable television holdings for $175 million. This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner Communications bought out American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks). In 1982, Warner Communications purchased Popular Library from CBS Publications. Meanwhile in the same year, Cable Education Network was founded, launching The Discovery Channel three years later and was renamed to Discovery Communications in 1994.
Time Warner acquired Turner Broadcasting System in 1996, allowing it to reenter the cable industry. In 2001, it merged with America Online (AOL) to form AOL Time Warner in 2001, but the merger proved disastrous, with the media company reverting to its former name, Time Warner, in 2003.
Time Warner spun off its cable division (later known as Spectrum owned by Charter Communications), AOL (now owned by Yahoo! Inc.) in 2009, and Time Inc. was spun out in 2013, which was later acquired by Meredith Corporation and is now known as Dotdash Meredith.
In 2018, Discovery Communications acquired Scripps Networks Interactive (a 2008 spun off from E. W. Scripps Company's cable division) and was renamed as Discovery, Inc and AT&T acquired Time Warner and were renamed to WarnerMedia respectively. In 2019, AT&T, WarnerMedia's new parent company, integrated its assets into Warner's business divisions as part of its reorganization of its media assets, effectively breaking up Turner Broadcasting System.
On May 16, 2021, Bloomberg News reported that AT&T was considering an offer to divest equity interest in their media subsidiary WarnerMedia (the former Time Warner, which AT&T acquired in 2018 for just over $85 billion in an attempt to become a vertically integrated media conglomerate), and have it merge with Discovery, Inc. to form a new publicly traded company. AT&T and Discovery officially confirmed the agreement the next day; the merger would be structured as a Reverse Morris Trust, with AT&T shareholders holding a 71% interest in the new company's stock and appointing seven board members, and Discovery shareholders holding a 29% interest and appointing six board members. AT&T would receive US$43 billion in cash and debt from the divestment. The merger was expected to be completed in mid-2022.
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Warner Bros. Discovery
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
The company's properties are divided into two divisions: Streaming & Studios—which consists of the flagship Warner Bros. studios, HBO, DC Entertainment, and the company's streaming services among other properties, and Global Linear Networks—which largely consists of advertising-supported cable networks inherited from its predecessors Discovery (such as Discovery Channel among others), Scripps Networks Interactive (such as HGTV among others), and Turner Broadcasting System (in-name only; such as Cartoon Network, CNN, TBS, and TNT among others). Warner Bros. Discovery International is also included in the division, which oversees WBD's broadcasting operations outside of the United States.
Warner Bros., Turner Broadcasting System, Scripps Networks Interactive and Discovery, Inc. have conjoined histories. Warner Bros. was founded on April 4, 1923, by four brothers, Harry, Albert, Sam, and Jack Warner. The company established itself as a leader in the American film industry before diversifying into animation, television, and video games and is one of the "Big Five" American film studios, as well as a member of the Motion Picture Association (MPA). In 1965, Turner Broadcasting System was founded by Ted Turner and based in Atlanta, Georgia. A year later, Kinney National Company came into existence and it reincorporated as Warner Communications in 1972 before merging with Time Inc. in 1990 to become Time Warner. During its time as Warner Communications, the company made a number of further acquisitions.
In 1979, Warner Communications formed a joint venture with credit card company American Express called Warner-Amex Satellite Entertainment. American Express acquired a 50% stake in Warner Communications' cable television holdings for $175 million. This company owned such cable channels as MTV, Nickelodeon, The Movie Channel, and VH1 (which was launched in 1985 on the channel space left by Turner's Cable Music Channel). Warner Communications bought out American Express's half in 1984 and sold the venture a year later to the original iteration of Viacom, which renamed it MTV Networks (now known as Paramount Media Networks). In 1982, Warner Communications purchased Popular Library from CBS Publications. Meanwhile in the same year, Cable Education Network was founded, launching The Discovery Channel three years later and was renamed to Discovery Communications in 1994.
Time Warner acquired Turner Broadcasting System in 1996, allowing it to reenter the cable industry. In 2001, it merged with America Online (AOL) to form AOL Time Warner in 2001, but the merger proved disastrous, with the media company reverting to its former name, Time Warner, in 2003.
Time Warner spun off its cable division (later known as Spectrum owned by Charter Communications), AOL (now owned by Yahoo! Inc.) in 2009, and Time Inc. was spun out in 2013, which was later acquired by Meredith Corporation and is now known as Dotdash Meredith.
In 2018, Discovery Communications acquired Scripps Networks Interactive (a 2008 spun off from E. W. Scripps Company's cable division) and was renamed as Discovery, Inc and AT&T acquired Time Warner and were renamed to WarnerMedia respectively. In 2019, AT&T, WarnerMedia's new parent company, integrated its assets into Warner's business divisions as part of its reorganization of its media assets, effectively breaking up Turner Broadcasting System.
On May 16, 2021, Bloomberg News reported that AT&T was considering an offer to divest equity interest in their media subsidiary WarnerMedia (the former Time Warner, which AT&T acquired in 2018 for just over $85 billion in an attempt to become a vertically integrated media conglomerate), and have it merge with Discovery, Inc. to form a new publicly traded company. AT&T and Discovery officially confirmed the agreement the next day; the merger would be structured as a Reverse Morris Trust, with AT&T shareholders holding a 71% interest in the new company's stock and appointing seven board members, and Discovery shareholders holding a 29% interest and appointing six board members. AT&T would receive US$43 billion in cash and debt from the divestment. The merger was expected to be completed in mid-2022.