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The Warner Bros. Discovery merger brought WarnerMedia and Discovery under one company, but it did not by itself announce a new ownership map or release plan for individual game franchises. WBD’s clearest gaming strategy statement came in February 2025: it said it was concentrating resources on four established tentpoles—Harry Potter, Game of Thrones, Mortal Kombat, and DC, especially Batman. Later corporate plans changed, and the proposed separation that would have housed Warner Bros. Gaming Studios under a Warner Bros. company was overtaken by a separate, conditional Paramount Skydance merger agreement.
What the 2022 merger changed
Warner Bros. Discovery (WBD) was formed when Discovery completed its merger with AT&T’s WarnerMedia business on April 8, 2022, according to WBD’s 2024 Form 10-K: the company’s annual filing.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
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Super Smash Bros. Ultimate - US Version | $52.99 | Buy on Amazon |
| 2 |
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Nintendo Game & Watch: Super Mario Bros | $51.96 | Buy on Amazon |
| 3 |
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Warner Bros Interactive Entertainment UK Batman: Arkham Trilogy (Switch) | $34.99 | Buy on Amazon |
| 4 |
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Switch Lego Ninjago The Movie Video Game - Nintendo Switch | $59.99 | Buy on Amazon |
Gaming became part of a larger media company’s Studios business rather than a separately identified top-level division. WBD’s 2024 Form 10-K identifies interactive gaming within Studios and describes game sales and mobile in-game content as revenue sources. That corporate reporting context explains where games fit in WBD’s business; it does not establish that the merger transferred or changed the rights to any particular game property.
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Which game franchises did WBD prioritize?
In its February 27, 2025 shareholder letter, WBD said 2024 had been disappointing for Games and that it was restructuring the business to focus resources and capital on proven intellectual property and studios. It named four tentpole franchises:
#1 Best Overall
- New stages and fighters are joined by the combined rosters of every past Super Smash Bros. Game
- Challenge others anytime, anywhere, whether you're on the couch or on the go
- Play any way you want—locally, online, in TV mode, Tabletop mode, Handheld mode, or even with GameCube Controllers
- Fight faster and smarter with new and returning techniques, like the perfect shield and directional air dodge
- Face off in 2-4 player battles, or play against the computer
- Harry Potter
- Game of Thrones
- Mortal Kombat
- DC, particularly Batman
WBD said each of those franchises had generated more than $1 billion in consumer sales in past years. That is a company statement about consumer sales across each franchise, not a disclosed game-only revenue figure or a breakdown of how much came from games. The letter also does not say these are WBD’s only game properties.
WBD described games as a strategic way to bring audiences into its characters and worlds, calling the business “a strategic differentiator.” Its statement is an intended strategy, not a promise that every named franchise will receive a new game or that any particular project is in development. Read the Q4 and full-year 2024 shareholder letter for the company’s comments.
Rank #2
- The classic system that changed gaming history is back!
- Get into spirit for the 35th anniversary of Super Mario Bros. with Game & Watch: Super Mario Bros., out November 13th!
- This special system includes: Super Mario Bros., Super Mario Bros.: The Lost Levels, Ball (Mario version) and a digital clock
- The original Game & Watch system was released in Japan in 1980 and was the very first handheld gaming console created by Nintendo. Now you can get your hands on a piece of history with a brand new entry in the series – a special golden Game & Watch that includes the original Super Mario Bros., a digital clock and more!
Hogwarts Legacy as WBD’s example
In the same shareholder letter, WBD called Hogwarts Legacy a new game franchise and described it as the best-selling game of 2023. Those are WBD’s characterizations; the letter is the source for the ranking claim, rather than an independently verified sales comparison here. The example illustrates why the company cited established entertainment properties as a potential foundation for games, but it does not confirm a sequel or a release schedule.
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WBD announced on December 12, 2024 that it planned to operate through two divisions: Global Linear Networks and Streaming & Studios. The company described Streaming & Studios as including its streaming platform and studios portfolio. Its announcement set out an organizational plan, not a completed transfer of game rights. See WBD’s two-division announcement.
On July 28, 2025, WBD said the planned Streaming & Studios company, including Warner Bros. Gaming Studios, would be named Warner Bros.; the planned Global Networks company would be called Discovery Global. This was announced as part of a proposed separation. It should not be read as evidence that the separation had already taken effect or that specific franchises, studios, or projects had changed hands. WBD’s announcement of the proposed company names describes the plan.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the later Paramount Skydance agreement affects the picture
WBD’s 2025 Form 10-K says that on February 27, 2026, it terminated its Netflix merger agreement and entered into a merger agreement with Paramount Skydance. The filing says completion remained subject to shareholder approval, regulatory approvals, and other closing conditions. It also says the agreement barred WBD from completing the planned separation as a condition of Paramount Skydance’s obligation to close. The filing therefore changes how to interpret the earlier separation plan, but it does not establish that the Paramount Skydance acquisition was completed. Consult WBD’s 2025 Form 10-K for the transaction disclosures.
Rank #4
- Amazing New Settings
What this means for players and franchise ownership
The announcements support a limited set of conclusions: WBD identified four game tentpoles, and it described interactive gaming as part of its Studios business. They do not specify game-by-game ownership changes, transfers of intellectual-property rights, development-team changes, cancellations, sequel approvals, or future release dates. Corporate restructuring and merger agreements can affect organization and strategy, but they are not enough to infer the fate of a particular title.
If you are following one franchise, treat the four named properties as WBD’s stated priorities as of its February 2025 letter—not as a complete catalog or a release slate. For a specific game, rely on a direct announcement about that project rather than extrapolating from the corporate transactions.
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