Observed Signal · Aug 6, 2026 · Earnings Report · Source: AdExchanger · Impact: 4/5 · Sentiment: Positive
WBD Leans on Streaming as Linear TV Declines
Warner Bros. Discovery (WBD) discussed its Q2 results and strategy during an earnings call, stressing confidence in a pending sale to Paramount Skydance while declining to elaborate on the merger amid antitrust challenges. WBD reported about $8.7 billion in Q2 revenue, citing softer ad sales and the decline of linear TV — including the loss of domestic NBA rights — for a 22% drop in overall ad revenue. Streaming was the bright spot: overall streaming revenue rose 9% year-over-year to over $3 billion, with roughly 40% of HBO Max subscribers on ad-supported plans (up 11% YOY) and streaming ad revenue up 8% YOY. WBD also reported a 73% increase in international ad revenue after HBO Max launches in new markets and emphasized growth levers including live sports, bundles and ad formats such as pause ads.
WBD is a major media owner; its Q2 earnings and streaming growth (ad-supported subscriber mix, >$3B streaming revenue) affect CTV inventory, ad formats, international expansion and consolidation risk via the proposed Paramount Skydance sale — all material to advertisers, publishers and ad tech.
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Key Takeaways & Evidence Grounding
- Warner Bros. Discovery is preparing for a planned sale to Paramount Skydance while the acquisition faces three antitrust lawsuits.
- WBD reported roughly $8.7 billion in total revenue for Q2.
- WBD said overall ad revenue fell 22% last quarter, partly due to the loss of domestic NBA broadcast rights.
- WBD’s overall streaming revenue rose 9% year-over-year in Q2, surpassing $3 billion.
- About 40% of HBO Max subscribers were on an ad-supported plan (up 11% year-over-year), and streaming ad revenue rose 8% year-over-year.
Connected Companies & Entities
7 Entities mapped“Warner Bros. Discovery is busy preparing for an epic Hollywood studio merger with Paramount Skydance, which itself faces three antitrust law...”
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“Meanwhile, other streaming platforms, including Peacock and Disney+, recently began boasting about having reached standalone profitability i...”
“Meanwhile, other streaming platforms, including Peacock and Disney+, recently began boasting about having reached standalone profitability i...”
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Related Market Signals & Shifts
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WBD Pushes Global Streaming Bundles After HBO Max Rollout
Warner Bros. Discovery (WBD) outlined global expansion and bundling strategies during its Q1 earnings call following the international rollout of HBO Max and shareholders' approval of a sale to Paramount Skydance. CEO David Zaslav said combining HBO Max with Paramount’s streaming services will improve the consumer experience amid rising app choice, while streaming chief JB Perrette highlighted bundle partnerships (including Disney+/Hulu in the US, RTL+ in Germany and Viu in Southeast Asia) as drivers of higher lifetime value and lower churn. Executives also pointed to global scale benefits for WBD’s ads business and reselling US content on HBO Max internationally. Financially, WBD reported $8.9bn in Q1 revenue (down 3% ex-FX year-on-year), ad revenue down 8% YoY, and a $2.9bn loss largely reflecting a $2.8bn termination fee paid to Netflix.
WBD's Ad Revenue Declines Despite Streaming Growth Surge
Warner Bros. Discovery (WBD) reported mixed 2025 results: strong content performance and streaming growth contrasted with overall revenue declines and weaker advertising revenue. Total revenue fell 5% to $37.2 billion for 2025, and Q4 revenue was down 6% year‑over‑year to $9.5 billion. WBD cited difficult comparisons to 2024’s Paris Olympics licensing and declines in domestic linear TV audiences as drivers. Advertising revenue declined (Q4 ad revenue -7% to $1.7 billion; full‑year ad revenue -10% to $7.3 billion), though streaming revenue and streaming ad sales grew (streaming segment +5% year, streaming ads +21% year, surpassing $1 billion). Management highlighted episodic headwinds from losing the NBA (accounting for ~4% of the ad decline) and said savings would be reinvested in college football rights and a TNT streaming app. Executives said streaming ad sales have improved but still have further upside.
WBD CEO Defends Culture Amid Paramount Merger Turmoil
Warner Bros. Discovery (WBD) reported mixed second-quarter results — streaming revenue rose 10% driven by HBO Max international expansion and originals, while ad revenue fell 22% and studio revenue dropped 39% year-over-year. The near-$111 billion proposed merger involving Paramount, Skydance and WBD faces antitrust headwinds, but WBD CEO David Zaslav said during the company's Q2 earnings call that he is confident the transaction will close and dismissed questions about the company's future if the deal fails. The reporting highlights pressure on ad revenue linked to ad-lite streaming subscriber growth, the absence of NBA content, and declines in domestic linear audiences.
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