By many measures, Warner Bros. Discovery had a bad 2024. Revenue dropped 4.8% to $39.3 billion. The company posted a staggering $11.5 billion net loss, largely because of a $9.1 billion goodwill impairment charge that reflected the lower valuation of its linear TV networks.

Warner Bros. Discovery shareholders just rejected CEO David Zaslav's pay package. Wall Street thinks a split-up of the company may be next.

In December 2024, Warner Bros. Discovery took steps toward spinning its cable channels away from its studio and streaming businesses, a la NBCUniversal and the newly created Versant. A reorg at WBD created a global linear TV division, which is the one impacted today.