Warner Bros. Q2 revenue falls 11%

Warner Bros. Discovery (WBD) had a difficult second quarter, reporting $8.7 billion in revenue, an 11% decline that fell short of Wall Street’s $9.2 billion forecast.

Studio revenue dropped 39% to $2.3 billion, dragged down by Supergirl, which brought in only $126 million—the weakest DC performance since 2004’s Catwoman. That was a major shift from the prior year, when Warner Bros. celebrated hits and Oscar wins with Sinners and A Minecraft Movie.

Advertising revenue plunged 22% to $1.7 billion following the end of a 40-year NBA broadcasting run.

Streaming provided a bright spot, with revenue rising 10% to $3.1 billion, driven by strong performance from HBO Max hits like The Pitt, Hacks, Euphoria, and House of the Dragon.

Meanwhile, Paramount’s $110 billion takeover of WBD got UK clearance on Thursday. The EU approved it in July.

But the multi-billion-dollar deal faces a March 2027 trial in the US driven by antitrust lawsuits from 12 US state attorneys general and the Writers Guild of America.