Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across Warner Bros. Discovery's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
6 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Discovery, Inc. combined with AT&T's WarnerMedia premium entertainment, sports and news assets to create a premier standalone global entertainment company, Warner Bros. Discovery, which began trading on the Nasdaq as 'WBD' on April 11, 2022. The combination brought together WarnerMedia's studios and portfolio of scripted entertainment, animation, news and sports (Warner Bros., HBO, HBO Max, CNN, DC, TNT, TBS, Cartoon Network, Turner Classic Movies) with Discovery's leadership in unscripted and international entertainment and sports (Discovery Channel, discovery+, HGTV, Food Network, TLC, Eurosport). approximately $43 billion (subject to adjustment).
During my many conversations with John, we always come back to the same simple and powerful strategic principle: these assets are better and more valuable together. It is super exciting to combine such historic brands, world class journalism and iconic franchises under one roof and unlock so much value and opportunity.David Zaslav — President & CEO, Discovery, Inc.
This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms. It will support the fantastic growth and international launch of HBO Max with Discovery's global footprint and create efficiencies which can be re-invested in producing more great content.John Stankey — CEO, AT&T Inc.
Discovery Communications acquired Scripps Networks Interactive, owner of lifestyle networks including HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country, in a cash-and-stock transaction valued at $14.6 billion. The combination created a global leader in real-life entertainment with nearly 20% of ad-supported pay-TV viewership in the U.S. and five of the top female-skewing networks. $14.6 billion, or $90 per share.
This is an exciting new chapter for Discovery. Scripps is one of the best run media companies in the world with terrific assets, strong brands and popular talent and formats. We believe that by coming together with Scripps, we will create a stronger, more flexible and more dynamic media company with a global content engine that can be fully optimized and monetized across our combined networks, products and services in every country around the world.David Zaslav — President & CEO, Discovery Communications
This agreement with Discovery presents an unmatched opportunity for Scripps to grow its leading lifestyle brands across the world and on new and emerging channels including short-form, direct-to-consumer and streaming platforms.Kenneth W. Lowe — Chairman, President & CEO, Scripps Networks Interactive
Discovery Communications acquired the SBS Nordic general entertainment television and radio business operations of ProSiebenSat.1 Media AG, comprising 12 television networks across Norway, Sweden, Denmark and Finland (with operations also in England). The acquisition expanded Discovery's brand portfolio by adding general entertainment, scripted and sports programming to its suite of services for the first time. EUR 1.4 billion ($1.8 billion) including closing purchase price adjustments (announced enterprise value ~$1.7 billion / EUR 1.325 billion).
SBS Nordic has a fully distributed portfolio of dual revenue stream networks with a terrific management team that will expand Discovery's footprint across the Nordic region, which includes some of the most well-penetrated and stable TV markets in the world.David Zaslav — President & CEO, Discovery Communications
Discovery Communications acquired a controlling interest in Eurosport International, Europe's leading pan-European sports media platform, increasing its ownership stake from 20% to 51% by buying out part of TF1 Group's holding. The deal accelerated a larger strategic partnership with TF1 first announced in December 2012 and brought Eurosport's six pay-TV brands (Eurosport, Eurosport HD, Eurosport 2, Eurosport 2 HD, Eurosport Asia-Pacific and Eurosportnews) under Discovery's control. approximately EUR 253 million ($343 million), subject to working capital adjustments (for the move from 20% to 51%).
Eurosport is one of the strongest, most dynamic sports platforms in the world. Over the past year, as we have been working directly with our partners from TF1, it became clear that combining the power of Eurosport's brands and audience reach with Discovery's network portfolio, boots on the ground, and country-specific expertise creates an unrivaled and powerful offering for viewers, advertisers and affiliates.David Zaslav — President & CEO, Discovery Communications
Discovery Communications and Liberty Global agreed to form a 50:50 joint venture to acquire All3Media, the largest independent television production group in the U.K., from its founders and the Permira funds. All3Media, headquartered in London with a strong presence in the U.S., Germany, the Netherlands and New Zealand, holds a diversified catalogue of more than 8,000 hours of content across drama, comedy, factual and factual-entertainment programming.
Discovery Communications took a 60% controlling ownership position in the joint-venture network previously known as The Hub Network (a venture with Hasbro), rebranding it Discovery Family Channel effective October 13, 2014. The network broadened its programming to serve families in primetime while continuing to showcase Hasbro Studios' children's content in daytime, and was consolidated and managed by Discovery.