WBD · 8-K · 20260806PR000072

Linear Networks Revenue Decline

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 53 · Surprise 48

Global Linear Networks revenue decreased 17% ex-FX to $3,991 million from $4,803 million. Distribution revenue declined 9% ex-FX, primarily due to a 10% decrease in domestic linear pay-TV subscribers, partly offset by a 1% increase in domestic affiliate rates. Advertising revenue decreased 27% ex-FX, reflecting a 17% domestic audience decline and the absence of the NBA, which reduced the year-over-year growth rate by 20% ex-FX. Global Linear Networks Adjusted EBITDA decreased 5% ex-FX to $1,446 million despite a 23% ex-FX reduction in operating expenses.

Key facts

• The absence of the NBA negatively impacted Global Linear Networks year-over-year growth rate by 20% ex-FX for advertising. source
• The absence of the NBA favorably impacted Global Linear Networks costs of revenues year-over-year growth rate by 30% ex-FX. source
• Global Linear Networks costs of revenues (excluding depreciation & amortization): $1,885 million for three months ended June 30, 2026. source
• Global Linear Networks advertising was positively impacted by broadcast of the NCAA March Madness Final Four and Championship, and negatively by absence of the NHL Stanley Cup Finals which was broadcast in the prior year, netting a +4% ex-FX impact mentioned. source
• Global Linear Networks total revenues: $3,991 million for three months ended June 30, 2026. source
• Global Linear Networks advertising revenue decreased 27% ex-FX. source
• Global Linear Networks distribution revenue decreased 9% ex-FX. source