Warner Bros. Discovery CEO David Zaslav

WBD Lost $252M in Quarter Everyone Decided to Buy It

Mar 1, 2026

Amidst the drama surrounding the sale of the company, it’s easy to forget that Warner Bros. Discovery continues to operate as a stand-alone business. This week, WBD announced its fourth-quarter earnings, which showed a net operating loss of $252 million. Results were a mixed bag of good and bad news, demonstrating why it is both an appealing and unique asset for an acquirer and is in desperate need of being sold.

WBD’s revenue for Q4 was down by 6% year-over-year, largely as a result of broad cost-cutting across the company. Theatrical revenue decreased by 11% due to not having any new theatrical releases during the quarter. Television revenue fell by 18% as a result of WBD opting not to renew its NBA league rights and the continued decline of linear cable. WBD’s streaming platform HBO Max was a bright spot, increasing its revenue by 4% and its total count of subscribers by 13%. While cost-cutting has impacted its revenues as well, it has helped position the company as an appealing asset for acquisition.

Read original article at Hollywood Reporter