Warner Bros. is one of the most iconic names in global entertainment. Many wonder who owns Warner Brothers today, especially after its recent mergers and transformations.
This article takes a deep dive into its ownership, structure, revenue, and affiliated companies.
History of Warner Brothers
Warner Bros. was founded in 1923 by four brothers—Harry, Albert, Sam, and Jack Warner. The studio quickly became a leader in motion picture production. It gained prominence through the first “talkie,” The Jazz Singer, in 1927. Over the decades, Warner Bros. expanded into television, animation, video games, and more.
In the 1980s, the company was acquired by Time Inc., eventually forming Time Warner. Later, it merged with AOL and then split.
In 2018, AT&T bought Time Warner, renaming it WarnerMedia.
In 2022, WarnerMedia merged with Discovery, Inc. to form Warner Bros. Discovery.
Who Owns Warner Brothers Discovery: Major Shareholders
Warner Bros. Discovery (NASDAQ: WBD) is a publicly traded company with a diverse ownership structure comprising institutional investors, insiders, and retail shareholders.
As of 2025, institutional investors hold approximately 60% of the company’s shares, insiders own about 9%, and the remaining 31% is held by the general public.
Below is a detailed overview of the top shareholders of Warner Bros. Discovery:
| Shareholder | Ownership % | Shares Owned (approx.) | Value (approx.) | Type | Role/Influence |
|---|---|---|---|---|---|
| Vanguard Group Inc. | 10.17% | 248.57 million | $1.85 billion | Institutional | Largest institutional shareholder; voting power in decisions |
| BlackRock Inc. | 6.76% | 165.19 million | $1.23 billion | Institutional | Significant influence through governance participation |
| State Street Corporation | 6.37% | 156.45 million | $1.63 billion | Institutional | Custodian bank and asset manager with strong governance role |
| Advance Publications Inc. (Steven O. Newhouse) | 16.15% | 396.41 million | $4.12 billion | Insider | Largest insider; major strategic influence |
| Harris Associates L.P. | 3.89% | 95.52 million | $992.44 million | Institutional | Value investment firm; long-term strategic investor |
| Geode Capital Management | 2.34% | 57.44 million | $596.82 million | Institutional | Index fund manager; passive investment strategy |
| Invesco Ltd. | 1.73% | 42.47 million | $441.24 million | Institutional | Investment manager with sector interest |
| Newport Trust Company | 2.10% | 51.21 million | €709.4 million | Institutional Trustee | Fiduciary manager; holds shares for beneficiaries |
| Sessa Capital IM, L.P. | 0.96% | 23.45 million | €324.9 million | Hedge Fund | Strategic investor with activist potential |
Vanguard Group Inc.
Vanguard is the largest institutional shareholder of Warner Bros. Discovery, holding approximately 10.17% of the company’s total shares, which equates to around 248.57 million shares valued at $1.85 billion as of June 2024.
Vanguard’s significant stake gives it considerable influence over corporate decisions, although it does not engage in day-to-day management.
BlackRock Inc.
BlackRock holds approximately 6.76% of Warner Bros. Discovery’s shares, amounting to about 165.19 million shares valued at $1.23 billion as of June 2024. As a major institutional investor, BlackRock’s stake allows it to participate in shareholder votes and influence corporate governance.
State Street Corporation
State Street owns about 6.37% of Warner Bros. Discovery, with holdings of approximately 156.45 million shares valued at $1.63 billion.
State Street’s role as a custodian bank and asset manager positions it as a significant institutional investor in the company.
Advance Publications Inc.
Advance Publications, through various entities, holds a substantial insider stake in Warner Bros. Discovery. Steven O. Newhouse, associated with Advance, owns approximately 16.15% of the company, equating to around 396.41 million shares valued at $4.12 billion.
This significant insider ownership provides Advance with considerable influence over the company’s strategic direction.
Harris Associates L.P.
Harris Associates holds about 3.89% of Warner Bros. Discovery, with approximately 95.52 million shares valued at $992.44 million. As a value-focused investment firm, Harris Associates’ stake reflects its confidence in the company’s long-term prospects.
Geode Capital Management LLC
Geode Capital Management owns approximately 2.34% of Warner Bros. Discovery, amounting to around 57.44 million shares valued at $596.82 million. Geode’s investment represents its role in managing index funds and passive investment strategies.
Invesco Ltd.
Invesco holds about 1.73% of Warner Bros. Discovery, with approximately 42.47 million shares valued at $441.24 million. As a global investment management firm, Invesco’s stake indicates its interest in the media and entertainment sector.
Newport Trust Company
Newport Trust Company owns approximately 2.1% of Warner Bros. Discovery, with holdings of about 51.21 million shares valued at €709.4 million. Newport Trust manages assets on behalf of other investors, and its stake in Warner Bros. Discovery reflects its fiduciary responsibilities.
Sessa Capital IM, L.P.
Sessa Capital holds around 0.96% of Warner Bros. Discovery, owning approximately 23.45 million shares valued at €324.9 million. As a hedge fund, Sessa Capital’s investment indicates its strategic interest in the company’s performance.
Who is the CEO of Warner Brothers?
David Zaslav is the President and Chief Executive Officer of Warner Bros. Discovery (WBD), a position he has held since the company’s formation in April 2022 following the merger of WarnerMedia and Discovery, Inc.
As of 2025, Zaslav continues to lead WBD, overseeing its diverse portfolio of media and entertainment assets.
Early Life and Education
Born on January 15, 1960, in New York City, David Zaslav earned a Bachelor of Science degree from Binghamton University and a Juris Doctor from Boston University School of Law. He began his professional career as an attorney at the New York firm LeBoeuf, Lamb, Leiby & MacRae.
Career at NBCUniversal
Zaslav joined NBC in 1989, where he played a pivotal role in developing and launching CNBC and MSNBC. As president of Cable and Domestic TV and New Media Distribution, he oversaw content distribution and negotiated carriage agreements for NBCUniversal’s cable networks, including Bravo, USA Network, and Telemundo.
Leadership at Discovery, Inc.
In 2006, Zaslav became CEO of Discovery Communications. Under his leadership, Discovery expanded its global footprint, launched new networks such as Planet Green and the Oprah Winfrey Network (OWN), and acquired Scripps Networks Interactive in 2018, adding Food Network and HGTV to its portfolio. He also spearheaded the launch of the streaming service discovery+.
Formation of Warner Bros. Discovery
In May 2021, it was announced that Zaslav would lead the merged entity of WarnerMedia and Discovery, Inc., a $43 billion deal that closed in April 2022. As CEO of Warner Bros. Discovery, Zaslav set the strategy and oversaw operations for a wide array of brands, including Warner Bros. Pictures, HBO, CNN, TNT Sports, and the streaming service Max.
Strategic Decisions and Initiatives
Under Zaslav’s leadership, WBD made several strategic moves:
- Content Strategy: Zaslav emphasized investing in owned franchises like Harry Potter, Lord of the Rings, DC Universe, and Game of Thrones, aiming to generate more revenue through content and merchandising.
- Streaming Focus: He oversaw the launch of Max, a combined streaming platform integrating HBO Max and discovery+, to compete with industry giants like Netflix and Disney+.
- Sports Rights: In 2025, WBD ended its 35-year partnership with the NBA, redirecting investments to other sports, including a new deal with NASCAR and acquiring more college sports rights.
Compensation
In 2023, Zaslav’s total compensation from Warner Bros. Discovery was reported to be $49.7 million, reflecting his role in steering the company through significant transitions.
Board Memberships and Honors
Zaslav serves on the boards of American Cinematheque, Sirius XM Radio, Inc., and Grupo Televisa. He is also a member of the Board of Trustees for the Paley Center for Media and Syracuse University, and serves on the Board of Overseers for NYU Langone Health. His contributions to the media industry have been recognized with several awards, including induction into the Cable Hall of Fame in 2017.
Annual Revenue and Net Worth of Warner Bros.
As of 2025, Warner Bros. Discovery (WBD) reported a total revenue of $40.21 billion, reflecting a modest increase of 0.61% compared to the previous year’s revenue of $39.97 billion.
The company’s net worth, measured by market capitalization, stood at $27.21 billion as of April 2025.
In 2024, WBD’s net income was $(11.3) billion, impacted by a $9.1 billion non-cash goodwill impairment charge in the Networks segment and $7.5 billion in pre-tax acquisition-related amortization and restructuring expenses.
Despite these challenges, the company generated a free cash flow of $4.4 billion in 2024, demonstrating strong operational cash generation.
WBD’s Direct-to-Consumer (DTC) segment showed significant growth, with the streaming platform Max reaching 116.9 million subscribers by the end of 2024, an increase of 6.4 million from the previous quarter.
Looking ahead, WBD anticipates continued growth in its DTC segment, targeting 150 million global subscribers by 2026.
The company also plans to expand Max into new international markets, including Germany and Italy, in early 2026.
Below is an overview of Warner Brothers historical annual revenue and net worth:
| Year | Revenue (USD) | Year-over-Year Change | Market Cap (USD) | Market Cap Change |
|---|---|---|---|---|
| 2024 | $39.32 billion | -4.84% | $25.93 billion | -6.56% |
| 2023 | $41.32 billion | +22.19% | $27.75 billion | +20.54% |
| 2022 | $33.81 billion | +177.39% | $23.02 billion | +93.32% |
| 2021 | $12.19 billion | +14.24% | $11.91 billion | -19.40% |
| 2020 | $10.67 billion | -4.24% | $14.77 billion | -14.10% |
| 2019 | $11.14 billion | +5.60% | $17.20 billion | +32.80% |
| 2018 | $10.55 billion | +53.54% | $12.95 billion | +52.67% |
| 2017 | $6.87 billion | +5.79% | $8.48 billion | -21.27% |
| 2016 | $6.49 billion | +1.61% | $10.78 billion | -6.18% |
| 2015 | $6.39 billion | +2.06% | $11.49 billion | -24.63% |
Companies Owned by Warner Brothers
As of 2025, Warner Bros. Discovery (WBD) has expanded its portfolio to include a diverse array of subsidiaries and brands across various sectors of the media and entertainment industry.
Below is an overview of the major companies and brands owned by Warner Bros. Discovery:
| Company/Brand | Category/Function | Description |
|---|---|---|
| Warner Bros. Entertainment | Studio & Production | The core production hub for film, TV, and animation including franchises like Harry Potter, The Matrix, and DC Universe. |
| HBO | Premium Network | High-end television network producing critically acclaimed original series such as Succession and The Last of Us. |
| Max | Streaming Platform | Central DTC (direct-to-consumer) platform merging HBO Max and Discovery+ content, launched globally in 2023. |
| CNN Worldwide | News & Journalism | Global news network known for 24/7 coverage via TV and digital platforms, including CNN and CNN International. |
| DC Entertainment | Comic & Superhero IP | Manages intellectual property for characters like Batman, Wonder Woman, and Superman, and drives related media and licensing. |
| TNT Sports | Sports Broadcasting | Sports division broadcasting NBA, NHL, MLB, and UEFA events; includes Eurosport for international coverage. |
| Discovery Channel | Factual & Educational | Offers science, tech, nature, and history programming; cornerstone of WBD’s nonfiction lineup. |
| Food Network | Lifestyle & Culinary | Focuses on food competitions, cooking shows, and celebrity chefs; strong appeal to domestic lifestyle audiences. |
| HGTV | Home & Real Estate | Home renovation and real estate programming; top-rated shows in lifestyle television. |
| TLC | Reality & Personal Stories | Reality TV content focused on personal lives, family dynamics, and unique social themes. |
| Animal Planet | Wildlife & Nature | Educational and entertaining content about animals and natural habitats, popular with family audiences. |
| Cartoon Network | Children’s Entertainment | Leading kids’ network with award-winning animation including Adventure Time and Gumball. |
| Adult Swim | Adult Animation | Evening programming block on Cartoon Network, known for satirical, surreal, and cult content like Rick and Morty. |
| Turner Classic Movies (TCM) | Classic Cinema | Broadcasts classic Hollywood films; a cultural heritage brand within WBD. |
| Warner Bros. Games | Interactive Entertainment | Video game publishing arm producing major IP-based games like Mortal Kombat and Batman: Arkham. |
| BluTV | Regional Streaming (MENA/Turkey) | Acquired in 2023; localized Turkish content now integrated into Max, aiding regional expansion. |
| The CW | Youth-Focused Broadcast | Broadcast network appealing to younger audiences with shows like Riverdale and The Flash; WBD is a minority stakeholder. |
| OSN Streaming Ltd. | MENA Digital Entertainment | Partnership in Middle Eastern market; supports WBD’s international streaming goals and Arabic-language content. |
| Flagship Entertainment Group | International Film Co-Production | Joint venture in China for local film production and distribution, supporting WBD’s Asia-Pacific growth. |
Warner Bros. Entertainment
Warner Bros. Entertainment is the flagship studio of WBD, encompassing film, television, and animation production. It includes Warner Bros. Pictures, Warner Bros. Television, and Warner Bros. Animation. The studio is renowned for producing major franchises such as Harry Potter, The Matrix, and the DC Extended Universe.
HBO
Home Box Office (HBO) is a premium cable and streaming service known for high-quality original programming, including series like Game of Thrones, Succession, and The Last of Us. HBO continues to be a significant contributor to WBD’s content portfolio.
Max
Max is WBD’s consolidated streaming platform, launched in 2023, combining content from HBO Max and Discovery+. It offers a wide range of programming, from scripted series to documentaries, and is central to WBD’s direct-to-consumer strategy.
CNN Worldwide
CNN Worldwide is a global news organization providing 24-hour news coverage through its flagship channel CNN, as well as CNN International and other digital platforms. It remains a key asset in WBD’s news division.
DC Entertainment
DC Entertainment manages the DC Comics brand and its associated media adaptations. It oversees the development of films, television series, and merchandise related to iconic characters like Batman, Superman, and Wonder Woman.
TNT Sports
TNT Sports is WBD’s sports broadcasting division, offering live sports coverage, including basketball, hockey, and other major leagues. It also operates Eurosport, providing extensive sports content across Europe.
Discovery Channel
Discovery Channel is a leading factual television network, offering documentary-style programming focused on science, technology, and history. It continues to be a cornerstone of WBD’s nonfiction content.
Food Network
Food Network specializes in culinary and food-related programming, featuring cooking shows, competitions, and food culture documentaries. It appeals to a broad audience interested in gastronomy.
HGTV
HGTV focuses on home improvement, real estate, and interior design content. Its programming includes renovation shows and real estate advice, catering to viewers interested in home lifestyles.
TLC
TLC offers reality-based programming, often centered around personal stories and family life. It has a strong following for its unique and diverse content offerings.
Animal Planet
Animal Planet provides programming centered on animals and wildlife, including documentaries, reality shows, and educational content. It remains a popular channel for animal enthusiasts.
Cartoon Network
Cartoon Network is a leading children’s television network, offering animated programming for various age groups. It includes popular shows like Adventure Time and The Amazing World of Gumball.
Adult Swim
Adult Swim shares channel space with Cartoon Network but targets an adult audience with its unique and often avant-garde animated and live-action programming. It has a dedicated fan base for shows like Rick and Morty.
Turner Classic Movies (TCM)
TCM is dedicated to classic films, offering a curated selection of movies from the golden age of Hollywood. It serves as a cultural touchstone for film enthusiasts.
Warner Bros. Games
Warner Bros. Games is the video game publishing arm of WBD, responsible for developing and distributing games based on its intellectual properties, including the Batman: Arkham series and Mortal Kombat.
BluTV
BluTV was a Turkish streaming service acquired by WBD in 2023. As of April 2025, it has been integrated into Max, expanding WBD’s streaming footprint in the MENA region.
The CW
WBD holds a 12.5% stake in The CW, a broadcast television network known for targeting younger audiences with series like Riverdale and The Flash.
OSN
WBD owns a 70% stake in OSN, a Middle Eastern entertainment network, enhancing its presence in the MENA region through this strategic partnership.
Flagship Entertainment Group
This joint venture between WBD, China Media Capital, and TVB focuses on film production and distribution in China, aiming to tap into the lucrative Chinese market.
Conclusion
Understanding who owns Warner Brothers requires looking into the recent corporate reshuffling and media mergers.
Now operating as Warner Bros. Discovery, the company is held largely by institutional investors and public shareholders. It remains a key force in global entertainment, driven by iconic franchises and diverse media assets.
FAQs
Who owns the majority of Warner Bros.?
There is no single majority owner. The largest shareholders are institutional investors like Vanguard and BlackRock, each holding under 10%.
Is Warner Bros. part of Disney?
No. Warner Bros. is owned by Warner Bros. Discovery. Disney is a separate company.
What is Warner Bros. Discovery?
It is the parent company formed from the merger of WarnerMedia and Discovery Inc. in 2022.
Does AT&T still own Warner Bros.?
AT&T no longer owns Warner Bros. directly. It spun off WarnerMedia, and shareholders received Warner Bros. Discovery stock.
Who is the real owner of Warner Bros.?
Warner Bros. is owned by Warner Bros. Discovery, a global media conglomerate created after the merger between WarnerMedia (previously owned by AT&T) and Discovery, Inc. in 2022. The majority shareholder is John Malone’s Liberty Media, with other institutional investors holding stakes.
Who is WarnerMedia owned by?
WarnerMedia was acquired by AT&T in 2018. However, in 2022, AT&T spun off WarnerMedia and merged it with Discovery, Inc., forming Warner Bros. Discovery.
Is Warner Bros. owned by Disney?
No, Warner Bros. is not owned by Disney. It is owned by Warner Bros. Discovery, a separate media conglomerate. Disney is a competitor, owning properties like Marvel, Pixar, and Lucasfilm.
Who currently runs Warner Bros.?
As of 2025, David Zaslav serves as the CEO of Warner Bros. Discovery, the parent company of Warner Bros. He leads the company’s strategy and operations.
Is Harry Potter Warner Bros.?
Yes, the Harry Potter franchise is produced by Warner Bros. Pictures. The film adaptations of J.K. Rowling’s books were distributed and produced by Warner Bros.
Does Warner Bros. own DC?
Yes, Warner Bros. owns DC Entertainment, the division responsible for DC Comics and the related films and television series, including the DC Extended Universe.
Who owns Warner Brothers shareholders?
The major shareholders of Warner Bros. Discovery include institutional investors, John Malone’s Liberty Media (through its stake in WBD), and other public and private investors. David Zaslav, the CEO of Warner Bros. Discovery, is also a significant stakeholder.
What country owns Warner Bros?
Warner Bros. Discovery is a publicly traded company, and it is based in the United States. It operates globally, with subsidiaries and content distribution in many countries.
Who are the 2 Warner Brothers?
The two Warner Brothers are Harry Warner and Jack Warner. They were two of the co-founders of Warner Bros., originally established in 1923 along with their brothers Albert Warner and Sam Warner.
Who owns Warner Bros World?
Warner Bros. World is a theme park owned by Miral, a development company in Abu Dhabi, in partnership with Warner Bros. Entertainment, the studio that provides the intellectual property for the park’s attractions.
Who owns Warner Music?
Warner Music Group is owned by Access Industries, a privately held industrial group led by Len Blavatnik. Access Industries acquired the majority of Warner Music Group in 2011.
Who are the Warner brothers family?
The Warner Brothers family refers to the founding family of Warner Bros. Studios: Harry Warner, Jack Warner, Sam Warner, and Albert Warner. They were the children of Polish-Jewish immigrants and established the studio in 1923.
What is Warner Bros net worth?
As of 2025, Warner Bros. Discovery’s net worth (market capitalization) is approximately $25.93 billion. This is based on the company’s total market value following its merger and current stock performance.
What are the Warner Bros Discovery subsidiaries?
Some of the key subsidiaries of Warner Bros. Discovery include:
- HBO
- CNN
- DC Entertainment
- Discovery Channel
- Food Network
- TLC
- Cartoon Network
- Turner Classic Movies
- Max (streaming platform)
- Warner Bros. Games
When was Warner Bros. Discovery founded?
Warner Bros. Discovery was founded in 2022 after the merger between WarnerMedia and Discovery, Inc..
What companies are owned by Warner Brothers?
Some of the companies owned by Warner Bros. (as part of Warner Bros. Discovery) include:
- HBO
- CNN
- DC Entertainment
- Turner Broadcasting
- Cartoon Network
- Discovery Channel
- Food Network
- TLC
- HGTV
- Warner Bros. Games
Who owns Warner Brothers Pictures?
Warner Bros. Pictures is a subsidiary of Warner Bros. Discovery. It is fully owned by the parent company and serves as its primary film production and distribution unit.
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