Warner Bros. Discovery (WBD) Q3 2025: Loss Widens as TV Slumps, Studio Soars on ‘Superman’; Zaslav Says Sale/Split Review “Active” — November 6, 2025
Warner Bros. Discovery, Inc. (Nasdaq: WBD) reported third‑quarter 2025 results before the bell on Thursday, detailing a sharper‑than‑expected loss as cord‑cutting weighed on TV networks, while the film studio outperformed on the back of Superman” and other tentpoles. Management also reiterated that a strategic review—ranging from a full or partial sale to a previously announced two‑way split—remains underway, with no hard deadline. Reuters Top takeaways (Q3 FY2025) By segment (revenue): Streaming $2.63B (flat), Studios $3.32B (+24%), Global Linear Networks $3.88B (‑22%). Studio growth was driven by Superman,” Weapons,” and The Conjuring: Last Rites.” MarketScreener+1 What management said — and what
