When AT&T decided to offload WarnerMedia on Discovery Communications, a big part of the deal’s premise was creating a “stronger competitor in global streaming.” Nearly two years after the deal was first announced and a year after the merger was completed, Warner Bros. Discovery is finally set to unveil details about a new service that combines HBO Max and Discovery+ on Wednesday.
Much has changed for the company and the industry in the intervening time since its creation. Where Wall Street once pressed companies to grow streaming subscribers, analysts and investors are now closely scrutinizing plans to turn direct-to-consumer businesses profitable.