Observed Signal · May 7, 2026 · Earnings Report · Source: VideoWeek · Impact: 4/5 · Sentiment: Positive
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.
Earnings call from a major streaming/media owner outlining international HBO Max rollout, bundling strategy and implications for global ad inventory and subscriber LTV; impacts CTV/streaming ad markets and consolidation dynamics.
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Key Takeaways & Evidence Grounding
- Warner Bros. Discovery shareholders approved the company's sale to Paramount Skydance two weeks before the Q1 call.
- WBD plans to use HBO Max’s international rollout and local distributor partnerships to offer streaming bundles that increase subscriber LTV and reduce churn.
- Noted bundle partnerships include a US package with Disney+ and Hulu, RTL+ in Germany, and Viu in Southeast Asia.
- WBD reported Q1 total revenues of $8.9 billion (down 3% ex-FX vs Q1 2025), ad revenues down 8% YoY, and a $2.9 billion loss driven mainly by a $2.8 billion termination fee paid to Netflix.
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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 CEO Highlights Competitive Landscape Amid Netflix Deal Uncertainty
Warner Bros. Discovery (WBD) reported Q4 revenue of $9.5 billion and fiscal 2025 revenue of $37.3 billion (a 5% decline). Ad revenues fell 9%, and content revenues fell 10%; WBD said loss of the NBA reduced growth by roughly 4%. The company reported 131.6 million streaming subscribers across HBO Max and Discovery+, up 3.5 million from the prior quarter, and said Q4 2025 would be the final quarter it would consistently report subscriber counts. During the Q4 earnings call and a shareholder letter, WBD said its merger agreement with Netflix “remains in effect” and the board continues to recommend the Netflix transaction, but an updated all-cash proposal from Paramount Skydance could qualify as a “Company Superior Proposal.” CEO David Zaslav said a highly competitive sale process has raised the company’s value; Netflix’s revised bid is about $72 billion ($27.75 per share) while Paramount Skydance recently raised a cash offer to $31 per share.
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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