Overview
- WBD reported a net loss of $148 million on $9.05 billion in revenue, as advertising fell 16% and studio revenue rose 24% to $3.32 billion; streaming added 2.3 million subscribers to reach 128 million with profit up 19% to $345 million.
- CEO David Zaslav told investors there is an “active process underway” as the company weighs a full sale, asset sales, or proceeding with the separation into Warner Bros. and Discovery Global.
- The board has rejected three Paramount bids reportedly up to $23.50 per share; Paramount has discussed taking a hostile offer directly to shareholders, and just 20% of long‑term holders can call a special meeting.
- Comcast hired Goldman Sachs and Morgan Stanley and gained access to WBD’s data room to evaluate a bid for the studio and streaming assets, while Netflix is reviewing the same unit with advisor Moelis.
- California’s Justice Department warned that further entertainment consolidation “does not serve” consumers or competition, highlighting potential regulatory hurdles for any large deal.