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- Warner Bros. Discovery
Warner Bros. Discovery Acquisition, Valuation & Financials
Warner Bros. Discovery was acquired by Paramount Skydance for $112B in February 2026, a 3.0x multiple on $37B of revenue.
Warner Bros. Discovery revenue at acquisition
$37B
Last twelve months · Feb 2026
Warner Bros. Discovery revenue multiple at acquisition
3.0x
EV/Revenue · Feb 2026
Warner Bros. Discovery EBITDA multiple at acquisition
12.9x
EV/EBITDA · Feb 2026
Warner Bros. Discovery Overview
About Warner Bros. Discovery
Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks. In 2026, it intends to split its networks from streaming and studios to form two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.
Founded
2008
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Advertising, Subscription
Revenue
$37B (Feb 2026)
Valuation
$112B (acquired Feb 2026)
Warner Bros. Discovery Acquisition
Warner Bros. Discovery was acquired by Paramount Skydance for $112B on 26 February 2026.
The acquisition price implies a 3.0x revenue and 12.9x EBITDA multiple on $37B of revenue.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 26 Feb 2026 | Strategic M&A | $112B | 3.0x | 12.9x |
Warner Bros. Discovery as a Public Company
Warner Bros. Discovery traded as NAS: WBD before it was taken private. Its acquisition was announced in February 2026. September 2026 is its last month on record as a listed company, with a market cap of $78B and an enterprise value of $107B.
Last-twelve-month revenue was $37B, with EBITDA of $8.4B (23% margin), and the shares traded at 2.9x EV/Revenue and 12.8x EV/EBITDA.
Over the 4 years before that, its market cap grew from $28B in September 2022 to $78B, while revenue grew from $36B to $37B.
Warner Bros. Discovery market cap while listed
Warner Bros. Discovery EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sep 2026 | $78B | $37B | $8.4B | 23% | 2.9x | 12.8x |
| Sep 2025 | $48B | $38B | $8.6B | 23% | 2.1x | 9.2x |
| Sep 2024 | $20B | $40B | $9.4B | 23% | 1.4x | 6.2x |
| Sep 2023 | $26B | $42B | $10B | 25% | 1.7x | 6.9x |
| Sep 2022 | $28B | $36B | $7.8B | 22% | 2.2x | 10.2x |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Warner Bros. Discovery traded.
Acquisitions by Warner Bros. Discovery
Warner Bros. Discovery has acquired 10 companies to date.
Last acquisition by Warner Bros. Discovery was on December 7th 2023. Warner Bros. Discovery acquired BluTV for $77M.
Latest Acquisitions by Warner Bros. Discovery
| Description | BluTV is a video-on-demand streaming service for Turkish audiences featuring local series, movies, and live channels. Istanbul-headquartered since 2015 and owned by beIN Media Group, it streams over 1,000 hours of exclusive content monthly, including originals like Alef and Yeşilçam. Available on smart TVs, mobiles, and web across Turkey and MENA regions. | ZEDO is a San Francisco-headquartered ad technology platform founded in 1999, delivering high-impact ad formats with 99 percent viewable impressions. It provides publishers with ad serving and monetization tools, while advertisers access ZINC suite featuring video and native ads on premium sites. ZEDO operates offices in New York, Los Angeles, Seattle, Phoenix, plus development centers in Russia and India. | Play Sports Group, now trading as Play Sports Network, is a British digital sports media company headquartered in Bath, England. It owns and operates enthusiast video channels, chiefly on YouTube, led by the Global Cycling Network (GCN), the Global Mountain Bike Network (GMBN) and the Global Triathlon Network (GTN), plus non-English channels such as GCN en Español and GCN Italia, presented by former professional riders. In early 2019 its eight channels drew over 45 million video views a month, 3.1 million subscribers and 5.7 million social followers, and the network now reports 10 billion all-time views. It earns money from advertising and brand partnerships sold to cycling and sports brands, and it also ran the cycling media agency SHIFT Active Media, a consumer retail division and a fan club. The company was founded in 2012 by Simon Wear. Discovery bought a 20% stake in 2017, took majority control of 71% in January 2019 and folded the business into a global cycling division alongside Eurosport. In June 2024 Warner Bros. Discovery sold control back to Wear and chief executive Mia Walter in a management buyout, keeping a minority stake. | Oprah Winfrey Network is a cable television and digital media joint venture between Harpo Productions and Warner Bros. Discovery, launched in 2011. Headquartered in Los Angeles, OWN airs original series, documentaries, and talk shows hosted by Tyler Perry and other talents, available in over 80 million U.S. households. The network streams on Max and Discovery+ , emphasizing inspirational programming inspired by Oprah Winfrey's vision. | |
| HQ Country | |||||
| HQ City | Istanbul | San Francisco, CA | Bath | Los Angeles, CA | |
| Deal Date | 7 Dec 2023 | 8 Dec 2021 | 8 Jan 2019 | 4 Dec 2017 | |
| Valuation | $77M | undisclosed | undisclosed | $286M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Warner Bros. Discovery
Warner Bros. Discovery has invested in 15 companies to date.
Latest investment by Warner Bros. Discovery was on September 8th 2025. Warner Bros. Discovery invested in Unrivaled in their Series B round.
Latest Investments by Warner Bros. Discovery
| Description | Unrivaled is an American professional women's three-on-three basketball league based in Miami, Florida. WNBA stars Napheesa Collier and Breanna Stewart founded it in 2023 to give top players a domestic off-season league; players earn a minimum six-figure salary and share an equity pool, and the salary pool for the 2025 season was $8 million. The first season, with six clubs and 36 players, opened in January 2025 in Medley, near Miami; the 2026 season expanded to eight clubs and 54 players and took games on the road, drawing a record 21,490 fans in Philadelphia and a sell-out at Barclays Center in Brooklyn. Games use a 72-foot court, an 18-second shot clock and a target-score fourth period, and air on TNT, truTV and HBO Max. The league earns revenue from media rights, sponsorships such as Ally Financial and Under Armour, ticketing and merchandise. After raising more than $35 million in seed and Series A funding in 2024, it was valued at $340 million after a Series B led by Bessemer Venture Partners in September 2025, and in August 2026 closed an oversubscribed Series C of more than $100 million, led by Ten Pillars Sports Fund, at a $650 million valuation. | OSN+ is a Dubai-headquartered streaming service offering Arabic-dubbed Hollywood films, original series, and premium content across the Middle East and North Africa. Launched in 2020, the platform features exclusive shows like AlRawabi School for Girls and hosts thousands of hours from Warner Bros., Disney, and Paramount. | Unrivaled is an American professional women's three-on-three basketball league based in Miami, Florida. WNBA stars Napheesa Collier and Breanna Stewart founded it in 2023 to give top players a domestic off-season league; players earn a minimum six-figure salary and share an equity pool, and the salary pool for the 2025 season was $8 million. The first season, with six clubs and 36 players, opened in January 2025 in Medley, near Miami; the 2026 season expanded to eight clubs and 54 players and took games on the road, drawing a record 21,490 fans in Philadelphia and a sell-out at Barclays Center in Brooklyn. Games use a 72-foot court, an 18-second shot clock and a target-score fourth period, and air on TNT, truTV and HBO Max. The league earns revenue from media rights, sponsorships such as Ally Financial and Under Armour, ticketing and merchandise. After raising more than $35 million in seed and Series A funding in 2024, it was valued at $340 million after a Series B led by Bessemer Venture Partners in September 2025, and in August 2026 closed an oversubscribed Series C of more than $100 million, led by Ten Pillars Sports Fund, at a $650 million valuation. | Professional Triathletes Organisation (PTO) is a London-based commercial organisation that represents non-drafting professional triathletes and runs the T100 Triathlon World Tour. Its commercial business is owned 50% by its professional athlete members and 50% by investors, a hybrid of an athletes' body and a commercial venture. The T100 Tour pits 40 of the world's best male and female professionals against each other over a season-long series culminating in a world championship final, with more than US$7 million in prize money; under a 2023 agreement World Triathlon recognises it from 2024 as the official long-distance world championship. T100 events in cities such as Singapore, London, San Francisco, Vancouver and Dubai combine pro racing with mass-participation triathlons, duathlons and runs, and 7,000 amateurs raced in Singapore in April 2025. It earns revenue from media rights, sponsorship and amateur entry fees. The organisation began in 2014 as the Professional Triathletes Union, formed by athletes at Challenge Bahrain, launched in 2015 and was renamed the PTO. Sir Michael Moritz led its Series A, followed by rounds from Divergent Investments, Warner Bros. Discovery and Eckuity, a US$10 million investment from Cordillera in March 2025 and a Series C in July 2025 led by Saudi Arabia's SURJ Sports Investment with Verance Capital. | |
| HQ Country | |||||
| HQ City | Miami, FL | Dubai | Miami, FL | London | |
| Deal Date | 8 Sep 2025 | 24 Mar 2025 | 16 Dec 2024 | 23 Dec 2022 | |
| Round | Series B | Strategic investment | Series A | Series B | |
| Raised | undisclosed | $57M | $28M | $30M | |
| Investors | Trae Young; Bessemer Venture Partners; Trybe Ventures; Serena Ventures | - | Avenue Capital Group; Marc Lasry; Giannis Antetokounmpo; Berman Family | Michael Moritz; Divergent Investments; Eckuity | |
| Valuation | $340M | $190M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Warner Bros. Discovery investments and their VC round multiples. Start Free Trial | |||||
Warner Bros. Discovery Competitors
Warner Bros. Discovery competitors include listed companies like Disney, Comcast, Netflix and Bilibili, and private ones like Epic Games and Kakao Entertainment.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $94B | $19B | $193B | 2.4x | ||
| Publicly listed | $124B | $46B | $78B | 1.3x | ||
| Publicly listed | $45B | $30B | $271B | 5.6x | ||
| Private | $5.7B | - | $23B | 3.9x | ||
| Private | $1.2B | - | $7B | 5.8x | ||
| Publicly listed | $4.5B | $467M | $5.6B | 0.7x |
Warner Bros. Discovery Public Comps
Warner Bros. Discovery is no longer listed, but its public comps include Spotify, NetEase, Comcast, Paramount Skydance, Universal Music, Disney, EchoStar, Baidu, Fox Corporation and Netflix.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $19B | $2.4B | 5.1x | 4.5x | 41.2x | 29.8x | |||
| $17B | $5.9B | 3.3x | 3.2x | 9.6x | 8.1x | |||
| $124B | $46B | 1.3x | 1.3x | 3.5x | 4.8x | |||
| $29B | ($5.1B) | 1.9x | 1.8x | (10.9x) | 14.9x | |||
| $14B | $3B | 2.7x | 2.6x | 12.8x | 12.3x | |||
| $94B | $19B | 2.5x | 2.4x | 12.9x | 10.7x | |||
| $15B | ($16B) | 2.9x | 3.1x | (2.8x) | 20.3x | |||
| $19B | $3.3B | 1.2x | 1.2x | 6.8x | 7.0x | |||
This data is available for Pro users. Sign up to see all Warner Bros. Discovery competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Warner Bros. Discovery
| When was Warner Bros. Discovery founded? | Warner Bros. Discovery was founded in 2008. |
| Where is Warner Bros. Discovery headquartered? | Warner Bros. Discovery is headquartered in New York City, NY, United States. |
| Is Warner Bros. Discovery publicly listed? | No, Warner Bros. Discovery was acquired by Paramount Skydance in February 2026. |
| Who acquired Warner Bros. Discovery? | Warner Bros. Discovery was acquired by Paramount Skydance in February 2026. |
| How much was Warner Bros. Discovery acquired for? | Warner Bros. Discovery was acquired for $112B in February 2026, a 3.0x revenue multiple. |
| Which companies are comparable to Warner Bros. Discovery? | Companies comparable to Warner Bros. Discovery include Disney, Comcast, Netflix, Epic Games, Kakao Entertainment and Bilibili. |
| What was Warner Bros. Discovery's market cap before the acquisition? | Warner Bros. Discovery had a market cap of $78B in September 2026, its last month on record as a listed company, trading at 2.9x EV/Revenue. |
| What was Warner Bros. Discovery's revenue as a public company? | Warner Bros. Discovery's last reported twelve-month revenue was $37B (September 2026), with EBITDA of $8.4B. |
| How many companies has Warner Bros. Discovery acquired? | Warner Bros. Discovery has acquired 10 companies, including BluTV, ZEDO, Play Sports Group, Oprah Winfrey Network and Scripps Networks. |
| What was the largest acquisition by Warner Bros. Discovery? | The $15B acquisition of Scripps Networks in July 2017 is the largest acquisition Warner Bros. Discovery has made to date. |
| How many companies has Warner Bros. Discovery invested in? | Warner Bros. Discovery has invested in 15 companies, including Unrivaled, OSN+, Professional Triathletes Organisation, GB News, Group Nine Media, FloSports, Philo and Here Be Dragons. |
| What was Warner Bros. Discovery's last investment? | In September 2025, Warner Bros. Discovery invested in Unrivaled's Series B alongside Trae Young, Bessemer Venture Partners, Trybe Ventures and 1 other investor. |
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