Earlier today, Warner Bros. Discovery announced that its streaming business added 5.3 million paid subscribers, bringing its total paid subscriber count to 122.3 million. That total includes Max and Discovery+.
While streaming saw success, other areas of the company fell short, including linear cable. For the quarter, the company’s net loss was $453 million. Revenue in Q1 dropped 10% to $8.97 billion.
In a letter to shareholders, the company focused on the success of Max.
“Max continues to differentiate itself through its unwavering commitment to quality, curating premium storytelling that’s not just watched but truly savored – delivering one of television’s few “lean-in”, appointment-viewing experiences,” CEO David Zaslav shared in the letter.
Some highlights from the quarter included the third season of The White Lotus which has averaged more than 25 million global viewers per episode. The Pitt opened up a new category for Max and the episodic medical drama saw success with week-over-week increases in viewership. The second season will premiere in January 2026.
After the Q1 call this morning, sources from CNBC reported that the company is likely to split, dividing linear cable from studio and streaming. That likely move explains why WBD reported on each business separately in its financial report and shareholder letter. In the conclusion of the letter, Zaslav wrote:
“With each passing quarter, our vision for the future of WBD comes closer into reach. In 2025, both our Streaming and Studios segments are on track to significantly grow their respective year-over-year profits. As Max achieves its subscriber and profitability milestones, both its value as an asset and as a long-term strategic enabler will become even more evident. At the same time, from The Pitt, The White Lotus and The Last of Us on television to A Minecraft Movie and Sinners in theaters, we believe our content is winning viewership, occupying cultural conversations, and will underpin strong future financial performance.
Likewise, our Global Linear Networks continue to prove highly profitable and cash generative, supporting our path to transform Warner Bros. Discovery, deliver outstanding long-term shareholder value, and position this iconic company to thrive for generations to come.”