UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34177 (212) 548-5555 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed ...

The company booked a net loss of $2.9 billion, far larger than the net loss of $453 million it reported in the year-earlier quarter. Warner Bros. Discovery on Wednesday reported a staggering net loss for the first quarter, but it has an explanation. Since the amount is refundable to Paramount under certain circumstances, such as if it were to terminate the deal with Paramount for a higher offer, the obligation would be shifted to WBD. The figure included $1.3 billion of "pre-tax acquisition-related amortiza ...

During a fireside chat on Wednesday, the Anthropic CEO said his AI company had 80x year-over-year growth in revenue and usage in the first quarter. Anthropic's revenue growth is no joke. Just ask Dario Amodei. Amodei added, half-joking, that he hopes this doesn't continue because that level of hyper-growth is "too hard to handle." It might be better to have a "mere 10x" growth, he quipped. The Anthropic CEO made the comments during a conversation with Daniela Amodei, his sister and co-founder, at the compan ...

According to Paramount CEO David Ellison earlier this week, however, the Par-WBD deal is on track to close in the third quarter. Beyond that, streaming led by HBO Max had a nice quarter with revenue up 7% to about $2.9 billion on some popular prgramming and as it chugged into global markets. DTC ad revenue rose 19%. Profit jumped 17% to $433 million. Warner Bros. Discovery posted a whopping $2.9 billion first quarter loss that will likely be a one-time accounting blip, it hopes, since it includes the $2.8 b ...

Warner Bros Discovery's streaming unit posted a better-than-expected quarterly revenue growth on Wednesday, as HBO Max's expansion overseas boosted subscriber growth and engagement. ...

Fellow Shareholders, As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks. These three priorities have guided the multi-year process to transform Warner Bros. Discovery. In the first quarter, we sustained - and in many cases accelerated - the progress we realized in 2025 against these strategic priorities. Over the last four years, we have consistently ...

媒体与电信行业监管动态 - 美国联邦通信委员会唯一一位民主党委员呼吁对拟议的派拉蒙-华纳兄弟探索合并案中的外资权益进行严格审查 [1] - FCC委员Anna Gomez指出，该交易涉及来自沙特阿拉伯、卡塔尔和阿布扎比的主权财富基金投资于一家将控制CBS电视台及包括CNN在内的主要有线新闻业务的公司 [2] - 该委员表示存在关于此项外资如何可能危及国家安全的“严重的、未解决的问题”，并强调委员会有法律义务解答这些问题 [2] 媒体行业重大交易进展 - 上月，派拉蒙Skydance已请求FCC批准支持其收购华纳兄弟探索的外国投资 [2] - 该交易是派拉蒙与华纳兄弟探索之间的合并 [1] 科技行业监管与数据隐私 - 一位谷歌顶级科学家向欧盟反垄断监管机构发出警告，称其要求谷歌与OpenAI等竞争对手共享搜索引擎数据的提案，存在暴露用户私人信息的风险 [3] - 该警告被描述为围绕谷歌利润丰厚商业模式的争执中迄今为止最严厉的指责 [3]

华纳兄弟探索公司2026年第一季度业绩前瞻 - 公司计划于5月6日公布2026年第一季度财报，市场普遍预期营收为89.5亿美元，同比微降0.36% [1] - 市场普遍预期每股亏损为0.09美元，与过去30天预期一致，但较上年同期每股亏损0.18美元有显著改善 [1] - 在过去的四个季度中，公司仅有一次盈利超出市场预期，另外三次均未达预期，平均负面盈利意外为51.56% [2] 核心财务表现与趋势 - 进入2026年第一季度，公司核心财务表现呈现显著恶化趋势，上一季度总营收同比下降约6-7%，调整后EBITDA下降近20% [3] - 现金流状况显著恶化，上一季度自由现金流因运营现金流减少及与业务拆分相关的大量成本而下降43% [3] - 公司面临持续的结构性压力，主要源于线性电视业务的持续衰退，该业务仍是关键收入驱动力 [4] - 在2025年第四季度，尽管流媒体订阅用户增长，但被国内线性付费电视用户的持续流失所抵消，导致分发收入下降，同时广告收入因线性收视趋势疲软而下滑 [4] 债务与资本结构 - 公司杠杆率高企，持续限制其财务灵活性并增加盈利风险，截至2025年底净债务约为290亿美元，杠杆率约为3.3倍 [5] - 不断减弱的自由现金流以及持续的重组和交易相关成本进一步加剧了流动性压力，这种资本结构限制了公司进行积极投资或吸收运营波动的能力 [5] 内容业务与增长动力 - 公司强大的内容阵容正成为关键增长动力，HBO和HBO Max平台上的高口碑原创剧集和系列节目表现突出 [6] - 2026年初发布的《The Pitt》和《Industry》分别带动观众增长30%和50%，而《A Knight of the Seven Kingdoms》每集平均观众数超过2400万，显示出强劲的用户参与趋势 [6] - 一系列回归的热门剧集和新剧首映加强了平台的用户粘性和收视势头，预计这一持续的内容优势在2026年第一季度提升了用户参与度和变现能力 [6] 其他值得关注的公司 - 孩之宝目前盈利ESP为+5.81%，Zacks排名第2，其股价年初至今上涨14.6%，计划于5月11日公布2026年第一季度业绩 [10] - 海盗船目前盈利ESP为+1.89%，Zacks排名第3，其股价年初至今上涨15.7%，计划于5月7日公布业绩 [11] - 六旗娱乐目前盈利ESP为+13.34%，Zacks排名第3，其股价年初至今回报率为15.1%，计划于5月7日公布业绩 [11]

公司业绩与战略 - 公司第一季度业绩表现稳健，为全年奠定了良好开局 [1][7] - 公司正通过技术强化产品、流程和系统，并已取得有意义的进展，例如采用代码辅助技术带来了显著的生产力提升 [2][4][10] - 具体技术应用包括：Paramount+上的短视频、流媒体中更好的个性化推荐、增强的移动体验，以及计划在Paramount+上增加投票和数据统计功能 [3][10] - 内容方面取得多项成就：《Scream 7》成为该系列30年历史上票房最高的一部；《Landman》成为Paramount+历史上观看次数最多的剧集；CBS拥有13部黄金时段收视率前20的剧集，包括所有四部顶级新剧，这是自1990年代初以来其他广播网络未曾达到的成就 [8] - 体育内容表现强劲：超过1000万家庭在Paramount+上观看了超过1亿小时的UFC节目；CBS体育频道转播的美国大师赛决赛轮收视率为十多年来最高 [9] 流媒体业务 - Paramount+订阅用户数截至第一季度为7960万，比2025年底增加了70万 [6] - 在其首场UFC比赛当日，Paramount+获得了约100万新注册用户 [6] - 公司计划将免费流媒体服务Pluto TV的技术栈与Paramount+整合 [5] 对华纳兄弟探索公司的收购 - 公司计划收购华纳兄弟探索公司，交易最早可能在今年秋季完成 [1] - 此次收购将使公司获得华纳兄弟影业、HBO以及CNN和TNT等有线电视网络的控制权 [4] - WBD股东已于4月下旬批准了该交易，目前正在等待美国和国外的官方监管批准 [4][11] - 在美国已无剩余法定障碍，国际监管方面也在持续取得进展 [11] - 收购WBD并将HBO Max整合至Paramount+，将为公司的流媒体业务带来亟需的规模效应 [5] - WBD在最新季度拥有1.316亿流媒体客户 [6] - 合并后的公司将能利用庞大的原创及IP库，向全球更广泛的受众讲述更引人入胜的故事 [12] 公司面临的挑战与市场反应 - 公司需要在拥抱技术、投资内容和偿还因收购WBD可能承担的数百亿美元债务之间取得平衡 [6] - 关键问题在于技术进步能否在被迫削减内容投资之前产生足够的成本节约，而削减内容投资可能会损害其试图建立的收入驱动力 [7] - 公司股价在周一盘后交易中最初上涨超过3%，但在周二早盘交易中下跌超过6% [7]

Paramount Skydance is in the process of acquiring Warner Bros. Discovery. (Brian van der Brug / Los Angeles Times) Paramount Skydance Chairman David Ellison defended his commitment to release 30 movies a year once his media company swallows Warner Bros. Discovery — a goal that some industry observers view as overly ambitious. During a Monday call with analysts to discuss Paramount's first-quarter earnings, the tech scion said the target was achievable because his management team would maintain current le ...