Warner Bros. Discovery merged WarnerMedia (HBO, CNN, Warner Bros., DC Comics) with Discovery (HGTV, Food Network, TLC). HBO and Max streaming platform has 100M+ subscribers. Warner Bros. movies (Batman, Harry Potter, Dune) generate $2B+ annually. CNN's news brand and Discovery's reality programming serve very different audiences under one roof - a challenging combination to optimize.
Warner Bros. Discovery licenses content to Apple TV+ and distributes its own streaming service Max through the Apple App Store. Apple TV+ has co-produced or licensed select WBD titles for its platform, and WBD's Max app is distributed on Apple TV hardware and iOS. WBD and Apple compete directly in streaming while maintaining distribution and content licensing relationships.
Why it matters: Apple TV hardware is a critical distribution platform for streaming services. For WBD, ensuring Max is deeply integrated with Apple TV and available on all Apple hardware is essential for subscriber reach. Apple benefits from having major streaming apps including Max on its platform, as app availability is a key determinant of Apple TV hardware purchase decisions.
Relationships are compiled by VexMap from company filings, announcements and reporting, and last reviewed September 2026. Spotted something wrong? Tell us. Not investment advice.