Warner Bros. Discovery owns a large portfolio of media assets including the Warner Bros. film and television studio, HBO and its Max streaming service, CNN, and a collection of cable television networks built around unscripted content. The company was formed through the merger of WarnerMedia and Discovery, combining prestige scripted programming and film production with a large library of reality and lifestyle content. Like other traditional media companies, Warner Bros. Discovery faces the ongoing shift of viewers away from cable television bundles toward streaming, forcing it to grow subscription revenue on Max while managing the decline of its legacy cable network business. The company carries a substantial amount of debt from the merger that combined its predecessor companies, which has shaped its capital allocation priorities and made debt reduction a significant focus alongside investing in streaming content.