WBD adds 6.4 million Max subscribers, forecasts 150 million subs by end of 2026

Core Insights - Warner Bros. Discovery (WBD) added 6.4 million global streaming subscribers in Q4, reaching a total of 116.9 million subscribers [1] - The streaming segment revenue for Q4 was $2.65 billion, a 5% increase from $2.53 billion in the same quarter last year [2] - The company forecasts adjusted EBITDA of $1.3 billion for its streaming business in 2025, aiming for 150 million global subscribers by the end of 2026 [3] Financial Performance - WBD's overall Q4 revenue decreased by 2% to $10.03 billion from $10.28 billion in Q4 2023 [5] - Full-year 2024 revenue was $39.32 billion, down 5% from $41.32 billion in 2023 [5] - The net loss for Q4 2024 was $494 million, compared to a net loss of $400 million in Q4 2023 [5] Segment Performance - TV networks revenue for Q4 was $4.77 billion, down from $5.04 billion in the previous year [6] - The studios business saw a revenue increase of 15% in Q4, totaling $3.66 billion compared to $3.17 billion in Q4 2023 [7] - The company anticipates further declines in cable subscribers and a faster-than-expected shrinking of the advertising market for U.S. linear television [6] Strategic Developments - Max will retain B/R Sports and CNN content at no additional cost for standard and premium subscribers, but will remove these from the basic ad-supported tier starting March 30 [4] - Max is set to launch on Sky in the UK and Ireland by Q2 2026, and in Germany and Italy by Q1 2026 [3]