Warner Bros. Discovery, Inc. is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed through the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022. On April 23, 2026, the company agreed to be sold to Paramount Skydance in a US$110 billion transaction, subject to approval by U.S. regulators. On June 12, 2026, the Paramount-WBD deal was approved by the U.S. Department of Justice. However, on July 24, 2026, the proposed merger, which is facing widespread anti-trust legal action, would be delayed until June 1, 2027. On August 4, 2026, a federal judge would rule in favor of holding the antitrust trial related to the proposed Paramount-WBD merger in March 2027, denying Paramount's request to hold it in the fall of 2026. Warner Bros. Discovery operates via two divisions: Streaming & Studios and Global Linear Networks. Streaming & Studios includes the flagship Warner Bros. studios, HBO, DC Entertainment, and the Warner Bros. Discovery's streaming services. Global Linear Networks largely includes advertising-supported cable networks.