Warner Bros. Discovery added 6.4 million global streaming subscribers in the fourth quarter, bringing the total to 116.9 million. The company’s streaming segment, led by Max, saw a 5% revenue increase to $2.65 billion. Adjusted EBITDA for the unit was $409 million, a significant improvement from a $55 million loss last year. The company forecasts an adjusted EBITDA of $1.3 billion for its streaming business this year, aiming for 150 million subscribers by 2026. Max will expand to Sky in the UK and Ireland by Q2 2026 and to Germany and Italy in Q1. Despite a 2% drop in overall revenue to $10.03 billion and a net loss of $494 million, the studios business grew by 15% to $3.66 billion. However, TV networks revenue fell to $4.77 billion, reflecting a challenging advertising market and declining cable subscribers.
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