Warner Bros. Discovery streaming revenue jumps 10% to over $3M

Warner Bros. Discovery’s streaming revenue rose 10% in the second quarter, the company said on August 6, 2026, as it faces a court fight over its proposed merger with Paramount Skydance.

The streaming unit’s revenue exceeded $3 million and adjusted EBITDA topped $500 million. Advertising revenue in the segment grew 9%, driven by a rise in global ad-lite subscribers, though the loss of NBA games reduced the year-over-year growth rate by 16 percentage points excluding currency effects.

New markets and shows such as “Euphoria,” “House of the Dragon” and “The Pitt” fuelled the gains, and the company forecast a strong second half with “Harry Potter” and “Gilded Age.”

Total company revenue was $8.72 billion, an 11% decline from the second quarter of 2025 and short of the $9.29 billion analysts had forecast, according to LSEG. Net income attributable to the company fell to $149 million, or 6 cents a share, from $1.58 billion, or 63 cents a share, in the second quarter of 2025, which it blamed on pre-acquisition adjustments to intangible assets and restructuring costs. Adjusted EBITDA was $1.88 billion, compared with $1.95 billion in the second quarter of 2025.

In May 2026, Paramount CEO David Ellison said he plans to merge HBO Max and Paramount+ into a single streaming service, a deal that state attorneys general are challenging; a trial is scheduled for March 2027. Ellison has said a combined platform would have about 200 million subscribers, with Paramount+ at roughly 81 million at the end of its most recent quarter. He added that the HBO brand would remain intact, saying “HBO should stay HBO.”