The numbers

6.4 million — The global streaming subscribers added by Warner Bros. Discovery in the fourth quarter.

116.9 million — WBD’s total global subscribers across 70 countries.

$2.65 billion — Fourth-quarter revenue for WBD’s streaming segment, led by Max. That’s up 5% from $2.53 billion in the same quarter last year.

$409 million — WBD’s quarterly profit for its direct-to-consumer business.

-17% — Ad revenue drop, driven by domestic network audience declines.

The watercooler talk

In a fourth-quarter earnings call on Thursday, Warner Bros. Discovery touted the strength of its streaming portfolio, which has grown to nearly 117 million subscribers across 70 countries. The company expects strong growth as it continues throughout 2025, and it outlined its path to reach 150 million global subscribers by the end of 2026 as it launches in more countries, including Australia, Germany, Italy, and the U.K.

Despite ESPN splitting with Major League Baseball and WBD’s relationship with the NBA downsizing, CEO David Zaslav cited discipline regarding sports rights moving forward, saying the company would be “opportunistic.”

The CEO noted the value of owning IP, including Harry Potter, which results in merchandising and other financial opportunities. Meanwhile, the sports market will get “more difficult” in the wake of sports rights deals ballooning and increased competition.

On Wednesday, WBD announced that its Max streamer wouldn’t move forward with a planned sports tier add-on. Instead, the company will leave sports in its Premium and Standard tier offerings.

The key quote

“There are sports rights that we can look at opportunistically and say we can make a real return on, but we don’t need any more sports anywhere in the world in order to support our business,” David Zaslav, WBD CEO, said. “We would buy sports if we think it would enhance our business.”