- Q2 saw HBO Max add more than 3.4 million subscribers, continuing global market launches.
- Sports rights restructuring will yield roughly $100 million cost benefit in Q4 and hundreds of millions in 2026.
- Streaming business is expected to exceed $1.3 billion in adjusted EBITDA in 2025 and reach over 150 million subscribers by the end of 2026.
- The company has delevered its balance sheet from over 5x net leverage to 3.3x, the lowest since the merger closed.
- Warner Bros. Discovery's Studios business is on track to deliver at least $2.4 billion in adjusted EBITDA in 2025, targeting $3 billion.
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