Warner Bros. Discovery's second-quarter net income fell sharply, as strong growth in its streaming business was outweighed by continued decline in its cable-TV networks and a weaker slate of films than the year before. The parent company of HBO, TNT and the Warner Bros. film studio blamed the loss of NBA broadcast rights and shrinking pay-TV subscriber numbers for much of the downturn, underscoring the pressures facing traditional media even as the company works through its planned takeover by Paramount Skydance, which remains tied up in a federal antitrust case brought by 12 state attorneys general that is unlikely to reach trial before next year.

Total revenue dropped 11% year-on-year to $8.7 billion, while net income attributable to the company slid to $149 million from $1.58 billion, partly due to $1.1 billion in acquisition-related charges and restructuring costs. TV advertising revenue fell 22% following the loss of NBA games after the 2025 season, and studio revenue dropped 39% to $2.3 billion owing to a stronger prior-year film lineup that included "A Minecraft Movie" and "Sinners." Streaming was the bright spot, with revenue topping $3 billion for the first time on 10% growth, driven by HBO Max's international expansion, with streaming ad revenue up 8% and distribution fees up 11%.