WBD · 8-K · 20260806PR000072

Content Licensing Trends

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 58 · Surprise 56

Global Linear Networks content revenue decreased 12% ex-FX, primarily because of the timing of third-party licensing deals. Studios TV revenue also declined 45% ex-FX due to lower intercompany content licensing resulting from renewal timing. These disclosures indicate a material year-over-year shift in licensing activity across both the networks and studio businesses.

Key facts

• Studios TV content expense decreased 35% ex-FX primarily driven by lower intercompany content licensing. source