• Loading stock data...
Thursday, October 9, 2025

WBD Touts Streaming Profit, Sports Alliance While Stock Is Hammered

  • The TNT Sports parent sees a tough reaction from Wall Street to its latest earnings.
  • The company beats its rivals Disney, Comcast, and Paramount to full-year streaming profitability.
Ron Chenoy-USA TODAY Sports

Warner Bros. Discovery reported a significant milestone Friday, becoming the first major U.S. media conglomerate to post a full-year profit from its streaming business. But that achievement was far from enough as the TNT Sports parent posted a $400 million fourth-quarter net loss, helping fuel a nearly 10% stock drop. 

The company, which recently rebranded its sports division, said it logged a $103 million profit last year from its direct-to-consumer division, which includes its Max platform that continues to elevate its college and pro sports content. The figure dramatically reversed a $1.6 billion loss in that segment in 2022. Such a financial milestone in streaming has yet to be reached by major competitors such as Disney, Comcast, or Paramount. 

That news, however, was quickly overshadowed by revenue and adjusted earnings that missed Wall Street projections, with both measures weakened by drops in the company’s advertising and theatrical production businesses. WBD shares closed Friday at $8.61, down 9.94%. The stock hit a new company low, and is down by nearly two-thirds compared to April 2022, when Discovery Inc. and AT&T Inc.’s WarnerMedia completed a landmark merger.

“This business is not without its challenges,” said WBD CEO David Zaslav. “Among them, we continue to face the impacts of ongoing disruption in the pay-TV ecosystem and a dislocated linear advertising ecosystem.”

Touting the Alliance

Zaslav, meanwhile, made his first public comments about the company’s high-profile sports streaming joint venture with ESPN and Fox, one that has already generated a legal challenge from FuboTV. Beyond reaching a large potential market of cord-cutters and cord-nevers, Zaslav said eliminating channel confusion among sports fans is key for the still-unnamed service.

“Today, people are thinking, ‘What channel should I watch? What channel is my sport on?’ You’ll be able to go to this new product, this new app-based product, and if you watch the baseball playoffs, you’ll watch all of them and you won’t be thinking, ‘What channel is it on?’ Hockey, you’ll watch all of the hockey playoffs, right through the Stanley Cup,” Zaslav said. “For [pro] basketball, you’ll watch all the playoffs right through to the championships, and you will never think or ever have to Google where it is.”

Zaslav’s examples for MLB, the NHL, and NBA, however, denote three pro leagues whose national rights are held entirely by the participating companies. For many other properties, that isn’t true. Still, Zaslav touted the effort’s move toward greater streaming rebundling.

“In the longer term, I expect that there will be meaningful bundling,” he said. “It’s going to happen in one of two ways. It’ll be either a bundling by an intermediary, a platform company like an Apple or an Amazon or a Roku, or what’s going on with Charter and Comcast. … Or we could do it ourselves, and I’ve always advocated that we should do it ourselves.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NFL and College Football TV Ratings Continue to Surge, Especially for CBS

The network’s singleheader coverage Sunday drew huge viewership.

MLB’s Rare October Day: Four Playoff Games, Four Possible Clinchers

Four separate clinching opportunities are available during the day.
Mar 19, 2023; Miami, Florida, USA; USA shortstop Trea Turner (8) throws to first base for an out during the first inning at LoanDepot Park.

Fox Picks Up Media Rights to 2026 World Baseball Classic

The network will repeat its role in the international baseball tournament.

Amazon Adds Golf to Its Packed Black Friday Sports Lineup With NFL,..

On Nov. 28, The Skins Game will return for the first time since 2008.

Featured Today

Paul Cartier

Sports Organists Are Still Thriving in the Era of Raucous Arena Music

“When they walk out and they see a real organ guy, it’s like, ‘Wow.’”
Sep 27, 2025; Milwaukee, Wisconsin, USA; Milwaukee Brewers center fielder Jackson Chourio (11) rounds the bases after hitting a home run during the sixth inning against the Cincinnati Reds at American Family Field.
October 4, 2025

Milwaukee Moneyball: Brewers Are Beating MLB’s Deeper Pockets

Milwaukee is holding its own against big-budget competitors.
Kōloa Rum Company Rum Rusher
September 27, 2025

Panthers Bubbly, Jets Wine, Manning Whiskey: The Sports Booze Boom

A sommelier dives into the sports booze trend—and tries Jets wine.
Nov 17, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Steelers fans wave Terrible Towels against the Baltimore Ravens during the fourth quarter at Acrisure Stadium
September 26, 2025

Steelers’ Irish Roots Are Deeper Than NFL Dublin Game

The Steelers have history and the foundation for a future in Ireland.
Sep 27, 2025; Athens, Georgia, USA; Georgia Bulldogs running back Josh McCray (2) runs against Alabama Crimson Tide linebacker Nikhai Hill-Green (41) and defensive back Keon Sabb (3) in the second half at Sanford Stadium.
exclusive
October 2, 2025

College Football Viewership Is Up Double Digits. Here’s Why

Average game viewership is up by more than 10% so far.
October 6, 2025

Mark Sanchez Charged With New Felony in Indianapolis Case

The broadcaster and ex-NFL quarterback faces up to six years in prison.
Sponsored

How Jenny Just Is Shaping the Future of Sports Ownership

Jenny Just on bringing her investment experience to sports ownership.
The NBC Sports broadcast team works Michigan State's football game against Boston College on Saturday, Sept. 6, 2025, at Spartan Stadium in East Lansing.
October 2, 2025

NBC Sports, Peacock Stay on YouTube TV With Long-Term Deal

The broad-based agreement keeps NBC channels with the key distributor.
Georgia Bulldogs quarterback Gunner Stockton (14) throws the ball during the first half of a NCAA college football game against Alabama in Athens, Ga., on Saturday, September 27, 2025.
October 1, 2025

Alabama-Georgia Draws 10.4M Viewers, Drives Record CFB Season Pace

ABC drew 10.4 million viewers for Alabama-Georgia.
Green Bay Packers wide receiver Christian Watson (9) pulls down a touchdown reception against Dallas Cowboys cornerback DaRon Bland (26) in the fourth quarter during their football game Sunday, November 13, at Lambeau Field in Green Bay, Wis.
September 24, 2025

Packers-Cowboys Game Is Getting Super Bowl–Like NBC Treatment

The network will bring its pregame show to Dallas.
Sep 18, 2025; College Park, Georgia, USA; Indiana Fever forward Aliyah Boston (7) reacts as the Fever defeat the Atlanta Dream during game three of round one for the 2025 WNBA Playoffs at Gateway Center Arena at College Park.
September 19, 2025

Fever Upset of Dream Brings Ratings Boost to WNBA Semis

The Indiana Fever will face the Las Vegas Aces in the semifinals.