Warner Bros. Discovery is a global media and entertainment company providing content across television, film, streaming, and gaming. The company's portfolio includes iconic brands and franchises like Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC, HBO, HBO Max, Max, discovery+, CNN, Discovery Channel, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, and Warner Bros. Games. WBD generates revenue through advertising, distribution fees, content licensing, and other sources. The company's asset mix allows it to serve consumers across the entertainment spectrum.

• Employees: 35,300 (as of December 31, 2023)
• Geographic Footprint: Operates in numerous countries globally
• Headquarters: New York, New York
• Founded: 2022 (following merger of Discovery and WarnerMedia)
• Revenue: $41.3 billion (FY2023)
• Key Subsidiaries/Brands: Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC, HBO, HBO Max, Max, discovery+, CNN, Discovery Channel, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, and Warner Bros. Games

• CEO: David M. Zaslav
• CFO: Gunnar Wiedenfels
• Chief Revenue and Strategy Officer: Bruce L. Campbell
• Chief Accounting Officer: Lori Locke
• CEO and President, Global Streaming and Games: Jean-Briac Perrette
• Chief People and Culture Officer: Adria Alpert Romm
• Chief Legal Officer: Savalle C. Sims
• President, International: Gerhard Zeiler

Key executives have extensive experience in media and entertainment. David Zaslav has been CEO since 2007 (of Discovery, then WBD). Other executives have held various senior roles within Discovery and WarnerMedia prior to the merger.

• Annual Revenue: $41.3 billion (FY2023)
• Net Loss: $(3.1) billion (FY2023)
• Total Assets: Not explicitly stated, but total liabilities and equity is $122.8 billion (FY2023)
• Key Financial Highlights: The company is undergoing restructuring and transformation initiatives to achieve cost synergies.

The company's main product categories and service lines include:

• Theatrical Films: Production and distribution of feature films.
• Television Programming: Production and licensing of television programs.
• Streaming Services: Direct-to-consumer subscription services like Max and discovery+.
• Television Networks: Operation of domestic and international television networks.
• Interactive Gaming: Development and distribution of console and mobile games.

The company operates through three reportable segments:

• Studios: Primarily focused on the production and distribution of feature films, television programs, and interactive gaming. Content and other revenues were 93% and 7%, respectively, of total revenues for this segment.
• Networks: Consists of domestic and international television networks. Distribution, advertising, content, and other revenues were 54%, 39%, 5%, and 2%, respectively, of total revenues for this segment.
• DTC: Primarily consists of premium pay-TV and streaming services. Distribution, advertising, and content revenues are 86%, 5%, and 9%, respectively, of total revenues for this segment.

WBD's strategy focuses on creating long-term value through a balanced approach across its various segments. Key strategic initiatives include:

• Integrating the WarnerMedia and Discovery businesses to achieve cost synergies.
• Investing in and developing content for streaming services.
• Expanding the global reach of its brands and franchises.
• Focusing on direct-to-consumer offerings and subscriber growth.

The company is undergoing a significant restructuring and transformation, which is expected to be substantially completed by the end of 2024.

WBD operates in the highly competitive media and entertainment industry. Key trends include:

• Shifting consumer preferences towards streaming services.
• Declining viewership of traditional linear television.
• Increased competition for content, talent, and advertising dollars.

Major competitors include other large media conglomerates, streaming services, and entertainment companies. The company faces intense competition for viewers, distribution, and advertising spending.

• Competitive Risks: Intense competition from existing and new competitors across all business segments.
• Advertising Revenue Risks: Declines in linear television advertising and soft advertising markets.
• Content Risks: Dependence on the acceptance of content and brands by viewers, which can be unpredictable.
• DTC Risks: Inability to attract and retain subscribers to streaming services.
• Integration Risks: Challenges in integrating the WarnerMedia and Discovery businesses.