Warner Bros. Discovery missed Wall Street expectations in the second quarter, with total revenue falling 11% to $8.7 billion against forecasts of $9.2 billion, as the poor box-office performance of "Supergirl" and the loss of NBA broadcasting rights weighed on results. The results arrive as the company's $110 billion merger with Paramount remains stuck in legal limbo, with 12 state attorneys general and the Writers Guild of America suing to block the deal on antitrust grounds ahead of a trial scheduled for March 2027.

Streaming was a rare bright spot, with revenue up 10% to $3.1 billion and EBITDA jumping 75% to $512 million, driven by HBO Max titles including "Euphoria" and "House of the Dragon". The studio division fared far worse, with revenue down 39% to $2.3 billion after "Supergirl" grossed just $126 million worldwide, the weakest haul for a DC film since 2004's "Catwoman". Advertising revenue slumped 22% to $1.7 billion after WBD lost its NBA rights to NBCUniversal following nearly 40 years of broadcasting the league, dragging down the Global Linear Networks division. Diluted earnings per share of 6 cents did, however, beat analyst estimates of a 10-cent loss.