• by Wayne Friedman , 3 hours ago

Although linear TV advertising keeps declining, Warner Bros. Discovery is again seeing improved and steady results from streaming -- including 5.4 million global subscribers in the second quarter (vs. the first quarter of 2025) to 122.3 million.

Streaming platform revenue was up 8%, while adjusted cash flow/EBITDA (earnings before interest, taxes, depreciation and amortization) is now at $339 million -- up nearly four times compared to a year ago ($86 million).

Mid-day trading of company stock was up as much as 12% in Thursday trading.

To an extent, this comes as a result of one report -- from CNBC -- that the company is continuing to move forward with spinning off certain businesses, including its steadily declining linear TV networks. The remaining WBD businesses would include streaming platforms (Max and discovery+) and its Warner Bros. film and TV studio.

WBD’s linear TV revenue declined 7% in the quarter ($4.77 billion) with a 9% decline in distribution revenue to $2.56 billion and another sharp drop of 12% in advertising to $1.76 billion.

WBD says its advertising business saw improvement in sports and international markets.

For its part, streaming advertising grew 35% to $237 million.

Quarter-to-quarter domestic streaming grew by 500,000 to 57.6 million subscribers.

Driven by additional subscribers taking lower monthly customer cost ad-supported streaming -- such as Max Basic with Ads -- overall average revenue per month by consumers (ARPU) , which factors in ad-free subscription business, is down.

Warner Bros. Discovery's domestic ARPU came in at $11.15 (down from $11.72), with global ARPU at $7.11 (down $7.83).