WBD Q3 2025 Financial & Strategic Outlook

The provided texts offer an overview of **Warner Bros. Discovery's (WBD) Q3 2025 financial performance** and future strategic direction, comprising excerpts from an earnings call and accompanying press release documents. The financial reports highlight a **total revenue of $9.0 billion** and **Adjusted EBITDA of $2.5 billion**, detailing strong growth in the **Streaming and Studios segments** but a decline in the **Global Linear Networks** segment, partially impacted by the absence of the 2024 Olympics revenue from the prior year. Management commentary emphasizes progress in restoring the **Studios to industry leadership**, scaling **HBO Max globally** to 128 million subscribers, and generating **strong free cash flow** of $701 million, which supported a $1.2 billion debt repayment. Crucially, the documents confirm the ongoing evaluation of **strategic alternatives** for the company, including the planned separation into two entities—Warner Bros. (Streaming & Studios) and Discovery Global (Global Networks)—or a potential sale of the whole company or its separate parts.