{"slug":"warner-bros-discovery","name":"워너브러더스 디스커버리","name_en":"Warner Bros. Discovery, Inc.","ticker":"WBD","updated_at":"2026-09-11T19:21:55.44717+00:00","canonical":"https://valuechain.wiki/warner-bros-discovery","citable":"밸류체인 그래프 기준 워너브러더스 디스커버리의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 3·투자 1)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Warner Bros. Discovery, Inc. is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 6 companies within two hops; the links are backed by 10 dated sources, 1 of them primary filings (as of 2026-09-11).","kicker":"글로벌 영상콘텐츠사","kicker_en":"Global screen-content group","lead":"워너브러더스 디스커버리는 HBO Max 구독, 유료방송사 배급료, 광고, 영화·TV·게임 라이선스로 수익을 낸다. 콘텐츠 제작과 스포츠·프로레슬링 중계권에 큰 비용을 쓰며, 2026년 9월 현재 파라마운트 스카이댄스와 맺은 인수 계약은 소송 때문에 종결이 미뤄진 상태다.","lead_en":"Warner Bros. Discovery earns revenue from HBO Max subscriptions, affiliate distribution fees, advertising, and film, television, and game licensing. It spends heavily on content production and sports and wrestling rights, while its agreed acquisition by Paramount Skydance remained delayed by litigation as of September 2026.","categories":[{"key":"streaming-entertainment","ko":"스트리밍·엔터테인먼트","en":"Streaming & Entertainment","theme":"communications-media","theme_ko":"통신·미디어","theme_en":"Communications & Media","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"스트리밍","note":"FY2025 부문매출 108억7600만달러"},{"name":"스튜디오","note":"FY2025 부문매출 126억1900만달러"},{"name":"글로벌 선형 네트워크","note":"FY2025 부문매출 176억5600만달러. 연결 총매출은 부문 간 거래 제거 후 금액이다."}],"total":"FY2025 총매출 372억9600만달러 (SEC 10-K, 2026-02-27)","track":"C"},"segments_en":{"parts":[{"name":"Streaming","note":"FY2025 segment revenue of $10.876 billion"},{"name":"Studios","note":"FY2025 segment revenue of $12.619 billion"},{"name":"Global Linear Networks","note":"FY2025 segment revenue of $17.656 billion. Consolidated revenue is stated after inter-segment eliminations."}],"total":"FY2025 total revenue of $37.296 billion (SEC Form 10-K, 2026-02-27)"},"returns_yearly":{"2021":-21.8,"2022":-59.7,"2023":20,"2024":-24.9,"2026":262},"return_asof":"2026-10-05","value_chain":{"leading":[{"slug":"ebay","name":"이베이","name_en":"eBay Inc.","tier":3,"returns_yearly":{"2021":33.8,"2022":-36.5,"2023":7.7,"2024":44.8,"2025":42.7,"2026":30}},{"slug":"colgate-palmolive","name":"콜게이트파몰리브","name_en":"Colgate-Palmolive Company","tier":3,"returns_yearly":{"2021":2.1,"2022":-5.4,"2023":3.8,"2024":16.6,"2025":-11,"2026":14.4}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":10.3}},{"slug":"cintas","name":"신타스","name_en":"Cintas Corporation","tier":3,"returns_yearly":{"2021":26.5,"2022":3,"2023":34.8,"2024":22.2,"2025":3.8,"2026":7.4}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":6.6}},{"slug":"kraft-heinz","name":"크래프트 하인즈","name_en":"The Kraft Heinz Company","tier":3,"returns_yearly":{"2021":8,"2022":18.2,"2023":-5,"2024":-13,"2025":-16.3,"2026":6.1}},{"slug":"expedia-group","name":"익스피디아 그룹","name_en":"Expedia Group, Inc.","tier":3,"returns_yearly":{"2021":36.5,"2022":-51.5,"2023":73.3,"2024":22.8,"2025":53.3,"2026":5.8}},{"slug":"omnicom-group","name":"옴니콤 그룹","name_en":"Omnicom Group Inc.","tier":3,"returns_yearly":{"2021":21.9,"2022":15.7,"2023":9.6,"2024":2.5,"2025":-2.6,"2026":4.4}},{"slug":"honeywell-technologies","name":"하니웰 테크놀로지스","name_en":"Honeywell Technologies","tier":3,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"ingersoll-rand","name":"잉거솔 랜드","name_en":"Ingersoll Rand Inc.","tier":3,"returns_yearly":{"2021":35.8,"2022":-15.4,"2023":48.2,"2024":17.1,"2025":-12.3,"2026":-0.5}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":3,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-1.8}},{"slug":"hca-healthcare","name":"HCA 헬스케어","name_en":"HCA Healthcare, Inc.","tier":3,"returns_yearly":{"2021":57.6,"2022":-5.6,"2023":13.8,"2024":11.8,"2025":56.7,"2026":-2.9}},{"slug":"doordash","name":"도어대시","name_en":"DoorDash, Inc.","tier":3,"returns_yearly":{"2022":-67.2,"2023":102.6,"2024":69.6,"2025":35,"2026":-6.5}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-7.3}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":-8.1}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"booking-holdings","name":"부킹 홀딩스","name_en":"Booking Holdings Inc.","tier":3,"returns_yearly":{"2021":7.7,"2022":-16,"2023":76,"2024":41.3,"2025":8.6,"2026":-9.3}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-9.9}},{"slug":"autozone","name":"오토존","name_en":"AutoZone","tier":3,"returns_yearly":{"2021":76.8,"2022":17.6,"2023":4.8,"2024":23.8,"2025":5.9,"2026":-12}},{"slug":"salesforce","name":"세일즈포스","name_en":"Salesforce, Inc.","tier":3,"returns_yearly":{"2021":14.2,"2022":-47.8,"2023":98.5,"2024":27.8,"2025":-20.2,"2026":-12.9}},{"slug":"stryker","name":"스트라이커","name_en":"Stryker Corporation","tier":3,"returns_yearly":{"2021":10.2,"2022":-7.4,"2023":23.8,"2024":21.3,"2025":-1.5,"2026":-20.4}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-21.5}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":3,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-29.4}},{"slug":"intuit","name":"인튜이트","name_en":"Intuit Inc.","tier":3,"returns_yearly":{"2021":70.3,"2022":-39.1,"2023":61.8,"2024":1.2,"2025":6.1,"2026":-53.7}},{"slug":"applovin","name":"앱러빈","name_en":"AppLovin Corporation","tier":3,"returns_yearly":{"2022":-88.8,"2023":278.4,"2024":712.6,"2025":108.1,"2026":-58.9}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"trade-desk","name":"트레이드 데스크","name_en":"Trade Desk (The)","tier":2,"returns_yearly":{"2021":14.4,"2022":-51.1,"2023":60.5,"2024":63.3,"2025":-67.7,"2026":-68.2}},{"slug":"comcast","name":"컴캐스트","name_en":"Comcast Corporation","tier":1,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"charter-communications","name":"차터 커뮤니케이션스","name_en":"Charter Communications, Inc.","tier":1,"returns_yearly":{"2021":-1.4,"2022":-48,"2023":14.6,"2024":-11.8,"2025":-39.1,"2026":-27.2}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":1,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-35.2}}],"benefiting":[{"slug":"paramount-skydance","name":"파라마운트 스카이댄스","name_en":"Paramount Skydance Corporation","tier":1,"returns_yearly":{"2021":-19,"2022":-44.1,"2023":-12.4,"2024":-29.3,"2025":28.9,"2026":-27.2}}],"analysis":"글로벌 영상콘텐츠사 기업. 2026년 -2%다. 본주(-2%)와 수요단(평균 -18.5%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 컴캐스트(-1.9%), 가장 처진 곳은 쿠팡(-35.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Warner Bros. Discovery, Inc. operates across Global screen-content group. It is -2% in 2026. The stock (-2%) and its demand side (avg -18.5%) are moving in step. Among connected nodes the furthest ahead is Comcast Corporation (-1.9%) and the furthest behind is Coupang (-35.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends heavily on content production and sports and wrestling rights, while its agreed acquisition by Paramount Skydance remained delayed by litigation as of September 2026.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"파라마운트 스카이댄스","counterparty_slug":"paramount-skydance","confidence":"high","metric":{"type":"amount","unit":"USD/share","as_of":"2026-02-27","basis":"파라마운트 스카이댄스의 WBD 보통주 1주당 현금 인수 대가","value":31,"period":"merger agreement signed 2026-02-27","basis_en":"Cash merger consideration per share of WBD common stock offered by Paramount Skydance","qualifier":"subject_to_closing"},"note":"파라마운트 스카이댄스는 WBD 전부를 현금으로 인수하는 확정 계약을 맺었다. 2026년 9월 8일 현재 규제 승인은 받았지만 주 검찰총장들과 작가조합의 소송으로 종결이 지연되고 있다.","note_en":"Paramount Skydance signed a definitive all-cash agreement to acquire all of WBD. As of September 8, 2026, regulatory clearances had been obtained, but litigation by state attorneys general and the Writers Guild of America was delaying closing.","sources":[{"stance":"confirms","publisher":"Paramount Skydance Corporation","publisher_en":"Paramount Skydance Corporation","kind":"ir","lang":"en","published_at":"2026-09-08","url":"https://paramount.gcs-web.com/news-releases/news-release-details/paramount-skydance-moves-protect-against-costs-delay-wbd-merger","title":"파라마운트 스카이댄스, WBD 합병 지연 비용 보호 조치 발표","title_en":"Paramount Skydance Moves to Protect Against Costs of Delay as WBD Merger Is Ready to Close","excerpt":"회사는 종결 조건을 충족했지만 두 건의 소송이 거래 종결을 막는 유일한 장애물이라고 밝혔다.","excerpt_en":"These two lawsuits are the only remaining barrier to closing this transaction."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1437107/000143710726000020/wbd-20251231.htm","title":"Warner Bros. Discovery, Inc. 10-K (2026-02-27)","title_en":"Warner Bros. Discovery, Inc. 10-K (2026-02-27)","excerpt":"10-K는 WBD가 파라마운트 스카이댄스의 완전 자회사가 되는 합병 계약과 주당 현금 대가를 공시했다.","excerpt_en":"WBD will survive as a wholly owned subsidiary of PSKY, with each share receiving $31.00 in cash."},{"stance":"confirms","publisher":"Axios","publisher_en":"Axios","kind":"news","lang":"en","published_at":"2026-02-27","url":"https://www.axios.com/2026/02/27/warner-bros-paramount-netflix","title":"할리우드 초대형 합병전, 워너브러더스가 최대 수혜","title_en":"Hollywood's Mega-Merger Battle Ends with Warner Bros. as the Real Winner","excerpt":"Axios는 인수 경쟁 끝에 파라마운트와 주당 31달러 계약이 체결됐다고 보도했다.","excerpt_en":"The bidding war ultimately led to a $31-a-share deal with Paramount."}]},{"direction":"cost","counterparty":"All Elite Wrestling","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2024-10-02","basis":"AEW 미디어 권리료와 기타 요소를 포함한 연간 계약 가치 추정치","value":170000000,"period":"annual value under three-year deal with fourth-year option","basis_en":"Estimated annual agreement value including AEW rights fees and other elements","qualifier":"estimate"},"note":"WBD는 AEW의 주간 프로그램과 페이퍼뷰를 TBS·TNT·Max에 공급받는 다년 미디어 권리 계약을 갱신했다. 공식 발표는 금액을 밝히지 않았고 업계지는 권리료 등 전체 요소를 포함한 연간 가치를 추정했다.","note_en":"WBD renewed a multi-year media-rights agreement for AEW weekly shows and pay-per-view distribution across TBS, TNT, and Max. The companies withheld financial terms, while an industry publication estimated the annual value including rights fees and other elements.","sources":[{"stance":"confirms","publisher":"Warner Bros. Discovery","publisher_en":"Warner Bros. Discovery","kind":"ir","lang":"en","published_at":"2024-10-02","url":"https://www.wbd.com/news/warner-bros-discovery-all-elite-wrestling-establish-new-era-professional-wrestling-multi-year","title":"워너브러더스 디스커버리와 All Elite Wrestling, 다년 미디어 권리 계약 갱신","title_en":"Warner Bros. Discovery and All Elite Wrestling Establish New Era with Multi-Year Media Rights Renewal","excerpt":"WBD와 AEW는 기존 관계를 확대하는 다년·다중 플랫폼 미디어 권리 계약 갱신을 발표했다.","excerpt_en":"WBD and AEW announced a multi-year renewal of their relationship with an expansive multi-platform media rights agreement."},{"stance":"mentions","publisher":"스포츠 비즈니스 저널","publisher_en":"Sports Business Journal","kind":"news","lang":"en","published_at":"2024-10-02","url":"https://www.sportsbusinessjournal.com/Articles/2024/10/02/aew-warner-bros-discovery/","title":"AEW, WBD와 미디어 권리 계약 갱신","title_en":"AEW Renews Media Rights Deal with WBD","excerpt":"업계 소식통은 권리료와 기타 요소를 포함한 계약 가치를 연간 1억7000만달러로 추정했다.","excerpt_en":"The deal is estimated to be valued at $170M annually including the rights fee and other elements."}]},{"direction":"cost","counterparty":"프랑스테니스연맹","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2024-06-11","basis":"프랑스오픈 미국 중계권 10년 계약의 연평균 권리료","value":65000000,"period":"2025-2034 annual average","basis_en":"Average annual rights fee under the 10-year U.S. French Open media agreement","qualifier":null},"note":"WBD는 프랑스테니스연맹에서 프랑스오픈의 미국 중계권을 확보했다. AP가 보도한 연평균 권리료를 상대별 계약 수치로 사용했다.","note_en":"WBD acquired U.S. French Open rights from the French Tennis Federation. The annual average reported by AP is used as the counterparty-specific contract metric.","sources":[{"stance":"confirms","publisher":"AP통신","publisher_en":"Associated Press","kind":"news","lang":"en","published_at":"2024-06-11","url":"https://apnews.com/article/french-open-tnt-8744c485e7143b0e5282b12cad08ccea","title":"TNT 스포츠, 이듬해부터 프랑스오픈을 중계하는 10년 계약 체결","title_en":"TNT Sports Reaches 10-Year Deal to Carry the French Open Beginning Next Year","excerpt":"AP는 WBD와 프랑스테니스연맹의 10년 계약이 연평균 6500만달러라고 보도했다.","excerpt_en":"The 10-year agreement will average $65 million per year."}]},{"direction":"revenue","counterparty":"Coupang","counterparty_slug":"coupang","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-03-11","basis":"쿠팡플레이의 한국 내 HBO·Max·워너브러더스 콘텐츠 라이선스 대가","value":null,"period":"partnership effective 2025-03-21","basis_en":"Consideration for Coupang Play's Korean license to HBO, Max, and Warner Bros. content","qualifier":"confirmed_no_disclosed_value"},"note":"쿠팡플레이는 한국에서 HBO·Max 오리지널과 워너브러더스 영화를 독점 제공하는 콘텐츠 라이선스 파트너다. 상대별 라이선스 금액은 공개되지 않았다.","note_en":"Coupang Play is WBD's exclusive Korean licensing partner for HBO and Max originals and Warner Bros. films. Partner-specific licensing consideration was not disclosed.","sources":[{"stance":"confirms","publisher":"S&P 글로벌 마켓 인텔리전스 케이건","publisher_en":"S&P Global Market Intelligence Kagan","kind":"research","lang":"en","published_at":"2026-01-13","url":"https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/01/implications-of-the-netflix-warner-bros-discovery-deal-for-the-apac-region","title":"넷플릭스·워너브러더스 디스커버리 거래가 아시아태평양에 미치는 영향","title_en":"Implications of the Netflix-Warner Bros. Discovery Deal for the APAC Region","excerpt":"케이건은 한국에서 HBO Max 콘텐츠가 쿠팡플레이의 독점 라이선스 계약으로 제공된다고 분석했다.","excerpt_en":"HBO Max content is available through an exclusive licensing deal with Coupang Play in South Korea."},{"stance":"confirms","publisher":"쿠팡 뉴스룸","publisher_en":"Coupang Newsroom","kind":"news","lang":"ko","published_at":"2025-03-11","url":"https://news.coupang.com/archives/51417/","title":"쿠팡플레이, HBO 및 HBO Max 오리지널 독점 공개 콘텐츠 협력 파트너십 체결","title_en":"Coupang Play Signs Exclusive HBO and HBO Max Original Content Partnership","excerpt":"쿠팡플레이가 HBO 및 HBO Max의 오리지널 콘텐츠를 오는 3월 21일부터 국내 독점 제공한다.","excerpt_en":"Coupang Play will exclusively offer HBO and HBO Max original content in Korea beginning March 21."}]},{"direction":"revenue","counterparty":"차터 커뮤니케이션스","counterparty_slug":"charter-communications","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-09-12","basis":"차터의 WBD 선형 채널 및 스트리밍 서비스 장기 배급 계약 대가","value":null,"period":"multi-year agreement announced 2024-09-12","basis_en":"Consideration under Charter's long-term distribution agreement for WBD linear networks and streaming services","qualifier":"confirmed_no_disclosed_value"},"note":"차터는 Spectrum 요금제에 WBD의 선형 채널과 광고형 Max·Discovery+를 묶어 공급하는 장기 배급사다. 계약 금액은 공개되지 않았다.","note_en":"Charter is a long-term distributor that bundles WBD's linear networks and the ad-supported Max and Discovery+ services into Spectrum packages. Financial terms were not disclosed.","sources":[{"stance":"confirms","publisher":"Warner Bros. Discovery","publisher_en":"Warner Bros. Discovery","kind":"ir","lang":"en","published_at":"2024-09-12","url":"https://ir.wbd.com/news-and-events/financial-news/financial-news-details/2024/WARNER-BROS.-DISCOVERY-AND-CHARTER-COMMUNICATIONS-ANNOUNCE-EARLY-RENEWAL-AGREEMENT-THAT-FURTHER-REIMAGINES-THE-FUTURE-OF-VIDEO--2024-o5KDIfMNzg/default.aspx","title":"워너브러더스 디스커버리와 차터 커뮤니케이션스, 조기 갱신 계약 발표","title_en":"Warner Bros. Discovery and Charter Communications Announce Early Renewal Agreement","excerpt":"두 회사는 선형 방송과 스트리밍 서비스를 통합하는 다년 배급 계약을 발표했다.","excerpt_en":"The companies announced a multi-year distribution partnership integrating linear video and streaming services."}]},{"direction":"revenue","counterparty":"컴캐스트","counterparty_slug":"comcast","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-12-09","basis":"컴캐스트의 Xfinity·Sky 대상 WBD 콘텐츠 장기 배급 계약 대가","value":null,"period":"long-term agreements announced 2024-12-09","basis_en":"Consideration under Comcast's long-term distribution agreements for WBD content on Xfinity and Sky","qualifier":"confirmed_no_disclosed_value"},"note":"컴캐스트는 Xfinity와 Sky를 통해 WBD의 선형 채널, HBO, 광고형 Max·Discovery+를 배급한다. 계약 금액은 공개되지 않았다.","note_en":"Comcast distributes WBD's linear networks, HBO, and the ad-supported Max and Discovery+ services through Xfinity and Sky. Financial terms were not disclosed.","sources":[{"stance":"confirms","publisher":"Comcast Corporation","publisher_en":"Comcast Corporation","kind":"ir","lang":"en","published_at":"2024-12-09","url":"https://corporate.comcast.com/press/releases/comcast-warner-bros-discovery-multi-year-distribution-xfinity-sky-uk","title":"컴캐스트와 워너브러더스 디스커버리, Xfinity·Sky UK 다년 배급 계약 발표","title_en":"Comcast and Warner Bros. Discovery Announce Multi-Year Distribution Agreements Across Xfinity and Sky UK","excerpt":"장기 계약은 WBD 콘텐츠를 Xfinity와 Sky UK·아일랜드 고객에게 공급하며 금액은 공개하지 않았다.","excerpt_en":"The agreements will deliver WBD's content to Xfinity and Sky UK and Ireland customers. Financial terms were not disclosed."}]}]}