Streaming revenue jumps 10% for WBD in second quarter
Streaming revenue jumps 10% for WBD in second quarter
Theatrical revenue was less of a bright spot for the company, which is in limbo as the fate of its merger with Paramount is decided.
What’s next for Warner Bros. Discovery? The company itself is waiting to find out. WBD’s intended merger with Paramount Skydance is stuck in legal limbo, awaiting a March trial in a lawsuit brought by 12 states challenging the acquisition on antitrust grounds. For now, WBD will continue operating as an independent company, and so, it has released its second-quarter earnings report, which reveals continued success for its streaming segment.
Key Details:
- Streaming strong: WBD’s streaming arm, including HBO Max and discovery+, had a successful second quarter.
- Theatrical woes: The company’s box-office receipts during the quarter weren’t as strong.
- Yes or no?: WBD is awaiting the conclusion of several lawsuits to determine if its merger with Paramount will go forward.
First, the good news for WBD. In the second quarter of 2026, its streaming revenue rose 10% to hit $3.1 billion, and EBITDA rose a whopping 75% to $512 million. The company credited expansion into new territories, plus the release of titles like “Euphoria” Season 3 and “House of the Dragon” Season 3 in Q2 for this success. WBD’s streaming segment is led by HBO Max, but also includes discovery+.
WBD chose not to reveal how many subscribers its streaming services have, following the trend of other major services like Disney+ and Netflix. But it did disclose that, outside of its streaming segment, it was a bit of a rough three months for the company.
The studio division saw revenue fall 39% during the quarter, thanks in large part to the box-office failure of “Supergirl,” which grossed only $126 million globally. Total advertising revenue also fell by 22%, primarily due to the absence of NBA playoff games on TNT during the quarter. The company lost its NBA rights after 30 seasons in 2025.
The future is currently up in the air for WBD while it awaits the outcome of separate lawsuits brought by 12 states and the Writers Guild of America to stop Paramount Skydance from acquiring the legacy media brand. Paramount executives have confidently maintained they’ll win in court, but until that happens, Warner Bros. Discovery will have to continue attempting to fix the floundering aspects of its business on its own.
HBO Max
HBO Max is a subscription video streaming service that gives access to the full HBO library and exclusive Max Originals. There are hubs for content from TLC, HGTV, Food Network, Discovery, TCM, Cartoon Network, Travel Channel, ID, and more. Watch hit series like “The Last of Us,” “House of the Dragon,” “Succession,” “Curb Your Enthusiasm,” and more. Within HBO Max, B/R Sports allows users to watch live NBA, MLB, NHL, March Madness, and NASCAR events.