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Skip to main content ESPN Bet to Be Shuttered Amid NBA Gambling Scandal November 6, 2025 4:25am Share on Facebook Share to Flipboard Send an Email Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Print the Article Post a Comment Warner Bros. Discovery CEO David Zaslav Photo by Kevin Dietsch/Getty Images Share on Facebook Share to Flipboard Send an Email Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Print the Article Post a Comment The hero of Warner Bros. Discovery‘s third-quarter earnings was Superman, which helped drive its studio business to double digit growth, but linear TV continues to to be a drag on the company’s bottom line, with TV advertising hit particularly hard. Not even Superman can save the linear TV business, it seems. Streaming continues to grow, with global streaming subscribers rising by 2.3 million to 128 million. Warner Bros. Discovery reported total revenue of $9 billion, down 6 percent from last year and a net loss of $148 million, owing to the struggles in linear TV, and a flat performance in streaming. Related Stories John Oliver Mocks Trump for Posting Photos of Remodeled Bathroom: "You Are Vastly Overestimating How Much I Care About Where You Take a Sh**" Comcast Chief Reacts to Warner Bros. "For Sale" Sign, Suggests Interest in Studios and Streaming The timing of the company’s Q3 earnings report comes as WBD is in the midst of a strategic review that could include “proceeding with the planned separation, a potential transaction for the entire company, or separate transactions for the Warner Bros. and/or Discovery Global businesses. As part of the review, we will also consider an alternative separation structure that would enable a merger transaction involving Warner Bros., while Discovery Global would be spun off to our shareholders.” The company said Thursday that it did not have any update yet on its plans, and would not provide an update until it had a deal or was otherwise deemed necessary. Warners also said it would not answer any questions on the topic on its earning call. WBD’s streaming segment saw $2.6 billion in revenue, essentially flat from last year, though ad revenue grew by 15 percent, suggesting that the company was making progress in that area. Adjusted EBITDA was $345 million, up 35 percent from last year. The company told investors that it expects HBO Max distribution revenue to “reaccelerate” early next year, but that streaming will face some headwinds in Q4 and early next year due to the lack of NBA games on the platform, as well as some costs associated with international launches. WBD’s studios business saw revenues soar by 24 percent to $3.3 billion, thanks to Superman, Weapons, The Conjuring: Last Rites, with some slight declines in the TV studios segment as the company delivered fewer episodes in the quarter. The company warned however that studios “will face a difficult comparison” in Q4 due to a library licensing deal with HBO Max. Linear networks continues to be the biggest driver of cashflow, with revenues of $3.9 billion, but those revenues were down 22 percent from last year, with distribution revenue falling by 8 percent thanks to continued cord-cutting, and advertising revenue falling 20 percent due to lower viewership. The segment was hurt comparatively by the Olympics last year, with the company holding European rights, as well as a tough comparison for CNN, which was in the midst of election coverage a year ago. The company said that it is developing a new TNT Sports streaming app that will house its sports rights in the ecosystem, and that it will aggressively pursue bundle deals to help it grow. “We believe optimizing Global Linear Networks requires a balance of resilience and innovation as the team focuses on strengthening our sports, news, and general entertainment brands,” it said. “Alongside our commitment to linear television in both the U.S. and international markets, we are increasingly looking at investing in digital initiatives that extend our brands’ reach to audiences outside of the traditional pay-TV ecosystem.” THR Newsletters Sign up for THR news straight to your inbox every day Charlie Ergen’s TV Empire Strikes $2.6 Billion Deal With SpaceX as Mogul Takes Back CEO Role ITV Eyes $46 Million in Cost Savings as It Forecasts Ad Drop Amid “Softer Demand” Warner Bros. 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