Rewriting $2\cos^2\theta$ as $2-2\sin^2\theta$, we can substitute $t = \sin\theta$ and our equation becomes
$$
2t^2-kt-k = 0
$$
with solutions
$$
t = \frac{k\pm\sqrt{k^2+8k}}{4}
$$
Having a non-negative discriminant $k^2+8k$ forces either $k \leq -8$ or $k \geq 0$. But in addition, we require $-1 \leq t \leq 1$ for at least one of the solutions, so that $\theta$ can be real. This is equivalent to
$$
-4 \leq k\pm\sqrt{k^2+8k} \leq 4
$$
for at least one of the branches of the square root.
Case $1$ ($k \leq -8$). It is clear that $k - \sqrt{k^2+8k} < -4$, so we focus on $k + \sqrt{k^2+8k}$. But then
\begin{align}
k+\sqrt{k^2+8k} & < k+\sqrt{k^2+8k+16} \\
& = k+(-k-4) \\
& = -4
\end{align}
so Case $1$ yields no real solutions.
Case $2$ ($k \geq 0$). We see that $k - \sqrt{k^2+8k} \leq 0$. When is it at least $-4$?
\begin{align}
k - \sqrt{k^2+8k} & > k - \sqrt{k^2+8k+16} \\
& = k - (k+4) \\
& = -4
\end{align}
Hence there exists (at least) one real solution for all $k \geq 0$. The other solution is always non-negative but exceeds $1$ when
$$
k + \sqrt{k^2+8k} > 4 \\
4-k < \sqrt{k^2+8k} \\
k^2-8k+16 < k^2+8k \\
16k > 16 \\
k > 1
$$
Note: For $k > 4$, we can no longer go from the second line to the third line, but then $k + \sqrt{k^2+8k} > k > 4$ anyway.