Warner Bros Discovery

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Warner Bros. Discovery pops after reports of a possible company split

WBD dropped mixed Q1 results, but streaming scored big.

5/8/25 11:50AM

Warner Bros. Discovery shares jumped over 4% Wednesday after a report from CNBC said the company may split its traditional cable business from its popular streaming platforms.

The report landed shortly after the company dropped Q1 results. The company posted a loss of $0.18 per share, slightly better than the $0.19 loss analysts expected. Revenue fell 9% to $8.9 billion, missing Wall Street’s $9.5 billion forecast.

WBD’s studio revenue dropped 18% to $2.31 billion amid a lull in box office hits following blockbusters like “Dune: Part Two” and “Godzilla x Kong.” Analysts were expecting $2.82 billion. But the current quarter could get a boost from recent releases like “A Minecraft Movie” and vampire thriller “Sinners,” which combined have grossed over $1 billion worldwide.

On the bright side, streaming stole the show. Revenue for the category rose 8% to $2.6 billion, while Max and Discovery+ racked up 5.4 million new subscribers, beating forecasts and outpacing rivals streamers like Disney+. Warner Bros. Discovery is targeting 150 million subscribers by the end of 2026 and gearing up to roll out a password-sharing crackdown.

Warner Bros. Discovery shares are down roughly 16% year to date.

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