In brief: Warner Bros. Discovery’s CEO candidly described the challenging outlook for the media company.

The transaction, valued at $82.7bn (including debt) is expected to close by Q3 2026, after Warner Bros Discovery carves out its linear TV businesses into a new company, Discovery Global.

Analysis: The potential merger would likely result in a smaller streaming market and less content production. It would also consolidate powerful information ecosystems into fewer, Donald Trump-aligned hands.

The Media Leader explores the rationale behind WBD’s move and how the new networks businesses could grow organically, while Disney believes it will make its own unified proposition more competitive.

WBD plans to split itself into two public companies by next year, with one maintaining its film properties and streaming service, while a global networks company will own CNN, TNT Sports and Discovery.

The company has created two main divisions, with linear TV in one and the other housing streaming, studios and HBO properties.

Amid a backdrop of fevered M&A chatter, 2024 was a year replete with significant moves for both global streamers and broadcasting incumbents. 

Warner Bros. Discovery and Charter Communications have inked a multi-year distribution deal that includes Max and Discovery+ tiers for Charter subscribers

WBD reported a $9.1bn impairment charge on its TV networks division. Here’s what you need to know about the state of the company.

This could include selling assets to rival media companies or merging the movie studio and streaming service.