LEGO Batman: Legacy of the Dark Knight

Warner Bros. Discovery: Form 10-Q Q2 2026

Warner Bros. Discovery faces a period of profound structural and financial transition as it navigates a $31.00-per-share acquisition by Paramount Skydance Corporation (PSKY).

• Warner Bros. Discovery reported a significant decline in Studios segment revenue, which dropped from $3.8 billion in Q2 2025 to $2.3 billion in Q2 2026, resulting in a segment Adjusted EBITDA decrease from $863 million to $96 million.
• The Streaming segment showed growth, with Q2 2026 revenue rising 10% year-over-year to $3.08 billion and Adjusted EBITDA increasing 75% to $512 million.
• Global Linear Networks revenue fell from $4.8 billion in Q2 2025 to $3.99 billion in Q2 2026, with segment Adjusted EBITDA declining from $1.51 billion to $1.45 billion.