Warner Bros. Discovery, Inc. Q1 FY2026 earnings call

• Commemorated Ted Turner's legacy, noting his impact on various Warner Bros. Discovery businesses.
• Highlighted streaming progress with HBO Max launches in Europe, subscriber growth, and content success.
• Discussed WB Studios' transformation, including Oscar wins, film and TV releases, and goal for adjusted EBITDA.
• Addressed global linear networks' performance in sports, general entertainment, and news.

Streaming: In Q1, HBO Max launched in the UK, Germany, Italy, and Ireland, exceeding the 140 million total subscribers guidance by the end of Q1, expecting over 150 million by year-end, with strong subscriber-related revenue growth expected to pick up. WB Studios: Transformed creatively and financially, won 11 Oscars, released 14 films in 2026 with more slated for 2027, TV continues to be prolific with 80+ active shows, aiming for at least $3 billion in adjusted EBITDA. Global Linear Networks: Sports saw increased linear viewership of Milano-Katina Winter Olympics, record March Madness, strong MLB and NHL; general entertainment networks saw 16% sequential improvement in delivery trends, CNN had 30% year-over-year growth in total minutes spent.

• Streaming: Expect to finish the year with more than 150 million subscribers globally and see healthy acceleration in subscriber-related revenue growth.
• WB Studios: Aim for at least $3 billion in annual WB Studios adjusted EBITDA.
• Regarding the Paramount Skydance acquisition, shareholders approved the sale at $31 per share.

• Forward-looking statements are subject to significant risks and uncertainties outside of control that could cause actual results to differ materially from expectations.
• Risks related to factors affecting expectations are detailed in the company's SEC filings, including Form 10-K, 10-Q, and 8-K.

Q: Rich Greenfield asked about HBO Max's current state and sports on streaming.

A: JB discussed HBO Max's growth journey, subscriber and revenue growth, content slates, and sports experimentation for profitability.

Q: Robert Fishman asked about pay TV landscape and bundling.

A: David and JB talked about consumer experience, bundling benefits, network performance, and content creation.

Q: Stephen K hall asked about studios guidance and networks EBITDA.

A: Gunnar discussed internal licensing, studio profitability, consumer products contribution, and network efficiency and revenue trajectory.

Q: Kanan Venkateswar asked about scale and spin costs.

A: David and Gunnar talked about scale benefits, content and global footprint, and separation-related expenses in the PNL