HBO Max Subscribers Near 132 Million, Warner Bros. Discovery Earnings

Variety

by Jennifer Maas

February 26, 2026

AI-Generated Deep Dive Summary

Warner Bros. Discovery (WBD) reported its fourth-quarter 2025 earnings amid ongoing acquisition talks with Netflix and Paramount. Despite narrowing losses to $252 million, WBD highlighted strong growth in its streaming division, with HBO Max subscribers reaching nearly 132 million. This figure reflects significant international expansion, including recent launches in Germany and Italy, as well as upcoming debuts in the UK and Ireland. The company aims to surpass 140 million subscribers by March 2026 and target over 150 million by year-end. The streaming segment showed promising signs of recovery, with revenue climbing 5% year-over-year to $2.8 billion. Distribution sales increased 3%, while ad sales surged 18% to $278 million. HBO Max gained 14.7 million global subscribers compared to Q4 2024, driven by a 1.2 million domestic increase and a 2.4 million international boost. WBD’s focus on global expansion has been a key factor in offsetting challenges in its traditional TV channels division, which saw a 12% revenue decline. The company is navigating a complex acquisition landscape, with Netflix holding an active merger agreement and Paramount recently upping its bid. While WBD continues to engage with both suitors, it remains committed to maximizing shareholder value while mitigating risks. The Board has acknowledged Paramount’s proposal as potentially “company superior,” but no definitive deal has been reached yet. This situation is crucial for entertainment industry watchers, as it could reshape the streaming landscape. A successful acquisition would determine WBD’s future direction

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Originally published on Variety on 2/26/2026