Warner Bros. Discovery

HBO, CNN, the Warner Bros. film and TV studio and the Discovery cable networks all sit inside Warner Bros. Discovery. The company was formed in 2022 when AT&T spun off WarnerMedia and merged it with Discovery, creating a media giant loaded with prized content and, less happily, tens of billions in debt. Its assets span three worlds under pressure: a hit-driven movie studio, a streaming service now called HBO Max, and a large but shrinking bundle of traditional cable channels whose subscribers keep cutting the cord. Management has spent the years since the merger cutting costs and paying down debt while trying to make streaming profitable. By 2025 it moved to split the company in two, separating the growth-oriented studio and streaming business from the declining networks. The stock is a bet on whether its content library can outrun the decline of linear TV.

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