Home Box Office (HBO) is a multinational entertainment business that operates as a subsidiary of the publicly traded company Warner Bros. Discovery (WBD +0.16%). HBO encompasses a wide range of properties that fall under the purview of parent company Warner Bros. Discovery, including the HBO television network, HBO Films, and Cinemax. While its name is often associated with the streaming service Max, formerly known as HBO Max, this streaming service business is actually operated by Warner Bros. Discovery.
The story of HBO traces back to Charles Dolan, who founded Sterling Manhattan Cable (the first urban TV cable company in the nation) and Teleguide, a New York City company that provided information services for cable TV. Dolan launched Home Box Office, the first premium cable TV programming service, in 1972. He sold the company to Time Life in 1973; the company would merge with Warner Communications in 1989 to become Time Warner.
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In 2014, HBO announced its plan to launch an over-the-top (OTT) subscription streaming service designed to compete with Netflix (NFLX -4.93%). The service was launched as HBO Now in 2015 and was followed by the launch of HBO Max, now known as simply Max. In October 2016, telecommunications giant AT&T (T -0.76%) announced that it planned to acquire Time Warner, which would bring assets like HBO into the company's portfolio.
Despite concerns from regulatory authorities, the merger concluded in 2018 when Time Warner became a wholly owned subsidiary of AT&T and was renamed WarnerMedia. In 2021, AT&T and Discovery agreed to a merger and spinoff that would result in WarnerMedia becoming an independent company that would acquire Discovery's various properties. The transaction also combined WarnerMedia's various assets, including HBO, with Discovery. The merger was completed in April 2022.
The new company became Warner Bros. Discovery, a publicly traded entity. HBO became a subsidiary of Warner Bros. Discovery. Given the ownership structure of HBO, it seems unlikely that this division will become publicly traded.
HBO's status as a subsidiary means it's not possible to invest in HBO stock. But if you're interested in becoming a part-owner of HBO and/or its streaming counterpart Max, there are different ways to gain exposure to this industry while waiting to see if HBO ever goes public.
How to buy HBO stock
HBO was not a publicly traded media company as of 2025. However, you can buy shares of its parent company, Warner Bros. Discovery. If you are interested in buying shares of Warner Bros. Discovery or other streaming stocks like Netflix or Walt Disney Company (DIS +0.86%), it's easy to do so.
You could also consider companies with more indirect exposure to the streaming space. Examples include Amazon (AMZN -0.87%) and Apple (AAPL -0.68%), which both operate popular streaming businesses but rely on far wider streams of income to support revenue and profits.
Stock
Buying shares in any of the aforementioned companies is as simple as following these steps:
- Open your brokerage account: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should I invest in HBO?
You can't invest directly in HBO stock because it is part of Warner Bros. Discovery. However, you can indirectly invest through Warner Bros. Discovery, which is publicly traded and has owned the company since the AT&T and Discovery merger in 2022.
In addition to indirect exposure to HBO by investing in Warner Bros. Discovery, you can also gain exposure to other properties that belong to the parent company's family of brands. These include household names such as Warner Bros. Studios, DC Comics, HGTV, CNN, TLC, TNT, Discovery+, and streaming service Max.
Warner Bros. Discovery has struggled with growth in recent years due to a variety of factors. These have included significant debt for the business, aggressive cost-cutting actions by management, increased competition in the entertainment and streaming spaces, and broad societal declines in cable viewership.
Warner Bros. Discovery has announced a new corporate structure with two main operating divisions: Global Linear Networks and Streaming & Studios. Global Linear Networks will encompass the company's traditional cable television businesses, while Streaming & Studios will manage its streaming platforms (like Max) and film and entertainment studios. The company could be considering various options, with some speculating whether this could include separating the Warner Bros. movie studio and Max streaming service into a new company.
This restructuring is part of a broader strategy to optimize its operations and capitalize on opportunities in both the linear and streaming markets. Additionally, Warner Bros. Discovery is exploring strategic partnerships and potential joint ventures, such as one with ESPN and Fox, to create a streaming sports service. This indicates their commitment to expanding their reach and diversifying their offerings.
Is HBO stock profitable?
As a company, Warner Bros. Discovery is not currently profitable under generally accepted accounting principles (GAAP). The company reported a net loss of $148 million in Q3 2025 alone.
It also reported total revenue of $9.04 billion in Q3 2025, down 6%. Distribution revenues decreased by 4%, driven by continued domestic (U.S.-based) subscriber declines and an unfavorable impact from its AT&T SportsNet exit.
Advertising revenue decreased by 16%, a function of domestic linear audience declines and the continuing softness in the domestic linear advertising market. Content revenues also decreased 3%. However, free cash flow was $701 million in the three-month span. However, the company slashed its debt by repaying over $1 billion. However, Warner Bros. Discovery still maintained over $4.3 billion in cash on hand.
Does HBO stock pay a dividend?
There is no publicly traded HBO stock to pay a dividend, and its parent company, Warner Bros. Discovery, does not currently pay a dividend, either. No plans have been announced to take HBO public, and Warner Bros. Discovery hasn't signaled any plans to begin dividend payments to shareholders.
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Will HBO stock split?
Since HBO stock is not publicly traded, there are no previous or upcoming stock splits. Its parent company executed two stock splits prior to the merger that created Warner Bros. Discovery, including a 4-for-1 stock split in 2009 and a 1,957-for-1,000 stock split in 2014.
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The bottom line on HBO
Although you can't invest directly in HBO stock because it isn't an independent company, some investors may choose to buy shares of its parent company, Warner Bros. Discovery. The company is working hard to improve its financials, but it's been a bumpy road for shareholders.
It may be wise to tread carefully and take a position in Warner Bros. Discovery if you already have a well-diversified portfolio of companies. Investing in an ETF could also allow you to become a part-owner of the company that owns HBO while adding to your position in other top companies across various industries.
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