History of Warner Bros. Discovery in Timeline

Warner Bros. Discovery (WBD) is a multinational mass media and entertainment conglomerate formed in April 2022. It resulted from the spin-off of WarnerMedia by AT&T and its subsequent merger with Discovery, Inc. The company is headquartered in New York City and operates in the media and entertainment industry.

April 4, 1923: Founding of Warner Bros.

On April 4, 1923, Warner Bros. was founded in Hollywood by four brothers: Harry, Albert, Sam, and Jack Warner.

1941: Release of The Maltese Falcon

In 1941, the Warner Bros. film "The Maltese Falcon" was released. A quote from this film was used as the tagline for Warner Bros. Discovery.

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1965: Turner Broadcasting System Founded

In 1965, Turner Broadcasting System was founded by Ted Turner in Atlanta, Georgia.

1972: Kinney National Company Reincorporated as Warner Communications

In 1972, Kinney National Company reincorporated as Warner Communications.

1979: Warner Communications Forms Joint Venture with American Express

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.

1982: Cable Education Network Founded

In 1982, Cable Education Network was founded.

1982: Warner Communications Purchased Popular Library

In 1982, Warner Communications purchased Popular Library from CBS Publications.

1984: Warner Buys American Express' Share and Sells to Viacom

In 1984, Warner Communications bought American Express's half in Warner-Amex Satellite Entertainment and sold the venture a year later to Viacom.

1985: Launch of VH1

In 1985, VH1 was launched on the channel space left by Turner's Cable Music Channel.

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1990: Warner Communications Merges with Time Inc.

In 1990, Warner Communications merged with Time Inc. to become Time Warner.

1994: Discovery Communications Name Change

In 1994, Cable Education Network was renamed Discovery Communications.

1996: Time Warner Acquires Turner Broadcasting System

In 1996, Time Warner acquired Turner Broadcasting System, allowing it to reenter the cable industry.

2001: Merger with America Online (AOL)

In 2001, Time Warner merged with America Online (AOL) to form AOL Time Warner.

2003: Reversion to Time Warner Name

In 2003, the company reverted to its former name, Time Warner.

2008: Scripps Networks Interactive Spin-off

In 2008, Scripps Networks Interactive spun off from E. W. Scripps Company's cable division.

2009: Spin-Offs of Cable Division and AOL

In 2009, Time Warner spun off its cable division (later known as Spectrum) and AOL.

2013: Spin-Off of Time Inc.

In 2013, Time Warner spun off Time Inc., which was later acquired by Meredith Corporation and became Dotdash Meredith.

2018: Discovery Communications Acquires Scripps Networks Interactive

In 2018, Discovery Communications acquired Scripps Networks Interactive and was renamed as Discovery, Inc. AT&T acquired Time Warner, becoming WarnerMedia.

2019: AT&T Integrates Assets into Warner's Divisions

In 2019, AT&T integrated its related assets into Warner's business divisions as part of its reorganization, effectively breaking up Turner Broadcasting System.

April 2021: Talks with AT&T Fall Through

In April 2021, Discovery's talks with AT&T had fallen through due to disagreements over the ownership of the new company and the amount of debt transferred to Discovery.

May 17, 2021: Announcement of WarnerMedia Spin-off and Merger with Discovery Inc.

On May 17, 2021, AT&T and Discovery announced that AT&T would spin off WarnerMedia to its shareholders, which in turn would be merged with Discovery Inc. to form Warner Bros. Discovery.

June 1, 2021: Announcement of Warner Bros. Discovery Name

On June 1, 2021, it was announced that the merged company would be known as Warner Bros. Discovery, and an interim wordmark was unveiled with the tagline "The stuff that dreams are made of".

November 2021: Discussion of Streaming Service Options Post-Merger

In November 2021, Discovery Streaming CEO JB Perrette discussed possible options for its Discovery+ streaming service post-merger, including bundling it with HBO Max and merging them under a single platform.

November 18, 2021: Discovery Reveals Stalled Talks with AT&T

On November 18, 2021, Discovery revealed in an SEC filing that talks with AT&T had fallen through in April 2021 due to disagreements, before resuming on May 17, 2021.

December 22, 2021: European Commission Approves Transaction

On December 22, 2021, the transaction between WarnerMedia and Discovery was approved by the European Commission.

January 5, 2022: Reports of Possible Sale of The CW

On January 5, 2022, The Wall Street Journal reported that WarnerMedia and Paramount Global were exploring a possible sale of either a majority stake or all of The CW.

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January 26, 2022: AT&T CEO States Expected Merger Closure

On January 26, 2022, AT&T CEO John Stankey stated that the merger was expected to close sometime during the second quarter of 2022.

February 1, 2022: Finalization of Merger Structure

On February 1, 2022, it was reported that AT&T had finalized the structure of the merger: WarnerMedia would be spun off pro rata to AT&T's shareholders, and then merge into Discovery Inc. to form the new company.

March 11, 2022: Discovery's Shareholders Approve Merger

On March 11, 2022, the merger between WarnerMedia and Discovery was approved by Discovery's shareholders.

March 25, 2022: AT&T Announces WBD Stock Trading Start Date

On March 25, 2022, AT&T stated that two-way trading of WBD stock with that of AT&T would begin on April 4, 2022, and that a special dividend would be issued the next day to give AT&T shareholders a 0.24 share in WBD for each share of AT&T common stock they held.

April 4, 2022: Start of Two-Way Trading of WBD Stock

On April 4, 2022, two-way trading of Warner Bros. Discovery (WBD) stock with that of AT&T began.

April 8, 2022: Merger of WarnerMedia and Discovery, Inc.

On April 8, 2022, WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. was completed, forming Warner Bros. Discovery, Inc. (WBD).

April 21, 2022: Shutdown of CNN+

On April 21, 2022, Warner Bros. Discovery announced the shutdown of CNN+, CNN's streaming service, which had launched only two weeks prior.

May 11, 2022: Elimination of Executive Positions and Agreement with BT Group

On May 11, 2022, Warner Bros. Discovery eliminated several executive positions carried over from WarnerMedia and announced an agreement with BT Group for a joint venture involving its BT Sport channels and UK Eurosport channels.

June 1, 2022: Toby Emmerich Announces Departure

On June 1, 2022, Warner Bros. Pictures head Toby Emmerich announced his departure to establish a new studio, to be funded and distributed exclusively by Warner Bros. Pictures.

July 2022: Alan Horn Rejoins Warner Bros. as Consultant

In July 2022, Alan Horn rejoined Warner Bros. as a consultant.

August 4, 2022: Second-Quarter Earnings Report and Programming Cuts

On August 4, 2022, WBD delivered its second-quarter earnings report. Ahead of the report, the company performed surgery on HBO Max, including cutting new programming development in much of Europe, live-action children's programming development, and direct-to-streaming films.

August 15, 2022: Nexstar Confirms Purchase of Controlling Interest in The CW

On August 15, 2022, Nexstar confirmed that it would buy a controlling 75% interest in The CW, with WBD and Paramount each retaining a 12.5% ownership interest. Nexstar immediately took over the network's operations.

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September 2022: Proposed Class-Action Lawsuit Filed

In September 2022, WBD became the subject of a proposed class-action lawsuit by one of its shareholders, alleging overinvestment in streaming content and overstatement of HBO Max subscribers.

2022: Expected Completion of Merger

In mid-2022, the merger between WarnerMedia and Discovery, Inc. was expected to be completed.

2022: Second Quarter Financials Revealed

In the second quarter of 2022, WBD revealed $9.8 billion in revenue and a net loss of $2.2 billion pro forma, primarily from integration and restructuring expenses. The company took $825 million in write-offs on content impairments and development, and abandoned the production of direct-to-streaming films for HBO Max.

2023: Planned Merger of Discovery+ and HBO Max

In 2023, Perrette stated that the planned merger of Discovery+ and HBO Max would occur by summer 2023 in the United States, followed by other markets.

2024: Speculation of Possible Sale Addressed

In September 2022, Zaslav addressed speculation that WBD was pursuing a possible sale as early as 2024, stating that it was "absolutely not for sale".

September 10, 2025: Split On Track

On September 10, 2025, David Zaslav stated that the split of Warner Bros. Discovery into Warner Bros. and Discovery Global was on track for completion by April 2026.

October 8, 2025: Netflix Unlikely to Bid

On October 8, 2025, Netflix co-CEO Greg Peters indicated that a bid from his company for Warner Bros. Discovery was unlikely, stating that Netflix comes from a "deep heritage of being builders rather than buyers".

November 6, 2025: Comcast Explores Takeover

On November 6, 2025, it was reported that Comcast contracted Goldman Sachs and Morgan Stanley about a possible takeover of Warner Bros. Discovery's studio and streaming assets.

December 8, 2025: Paramount Skydance Launches Hostile Bid

On December 8, 2025, Paramount Skydance launched a hostile all-cash bid of US$108.4 billion to acquire Warner Bros. Discovery at US$30 per share, pitching itself as a better alternative to a potential purchase proposal from Netflix.

February 5, 2026: Paramount Commits to Content Investment

On February 5, 2026, David Ellison wrote an open letter to the UK creative community committing to content investment, theatrical windows, and preserving HBO, as Paramount continues its pursuit of Warner Bros. Discovery (WBD).

February 10, 2026: Paramount Amends WBD Bid

On February 10, 2026, Paramount Skydance amended its Warner Bros. Discovery bid by offering a 25-cent per share "ticking fee", agreeing to cover the breakup fee WBD would owe Netflix, and adding measures confirming that it would backstop Warner Bros.' planned debt exchange.

February 11, 2026: Activist Investor Threatens 'No' Vote

On February 11, 2026, activist investor and Warner Bros. Discovery shareholder Ancora Alternatives LLC threatened to vote 'no' on the Netflix deal, vote 'yes' on the Paramount deal, and launch its own proxy fight if the WBD board does not engage with Paramount.

February 15, 2026: WBD Considers Reopening Sale Talks

On February 15, 2026, Bloomberg reported that Warner Bros. Discovery was considering reopening sale talks with Paramount Skydance.

February 26, 2026: WBD Considers Paramount's Bid Superior

On February 26, 2026, Warner Bros. Discovery confirmed that it considered Paramount's updated bid to be superior to Netflix's current offer, triggering a four-business-day period during which Netflix could improve its offer. Netflix subsequently declined to increase its bid.

February 27, 2026: Paramount Skydance to Acquire Warner Bros. Discovery

On February 27, 2026, Paramount Skydance confirmed its agreement to acquire all of Warner Bros. Discovery for $110 billion.

April 2026: Split Completion Target

Warner Bros. Discovery anticipated that the separation of the company into Warner Bros. and Discovery Global would be completed by April 2026.

September 30, 2026: Expected Closing Date for Acquisition Deal

As of February 27, 2026, the deal for Paramount Skydance to acquire Warner Bros. Discovery is expected to be closed by September 30, 2026, at the earliest.

2026: Zaslav Aims for Warner Bros. Sale After Split

According to reports, David Zaslav wants around $30-a-share and believes that he could unlock greater value by selling Warner Bros. once it splits from Discovery in 2026, given the likelihood that Warner Bros. could spark a bidding war.