Now Streaming: Disney, Paramount, Warner Bros. report quarterly results

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

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DISNEY RESULTS: This week, Disney (DIS) reported better-than-expected Q2 earnings and revenue. Of note, Disney Entertainment subscription and affiliate revenues grew 14% compared to the prior-year quarter, with the Fubo transaction contributing 5%. Disney Entertainment advertising revenues grew nearly 5% compared to the prior-year quarter, with the Fubo (FUBO) transaction contributing more than 1%. “This growth reflects our expanding streaming revenues more than offsetting our declining linear revenues,” the company said. “We currently generate more Entertainment subscription and affiliate fees and advertising revenues from SVOD than linear TV, and we expect the mix shift from linear toward streaming to continue.” Looking ahead, the company said it continues expect double-digit growth in adjusted EPS in fiscal 2027, excluding the impact of the 53rd week.

WARNER BROS. DISCOVERY RESULTS: Warner Bros. Discovery (WBD) also reported quarterly results this week, with Q1 revenue in line with consensus estimates but GAAP earnings missing. Warner Bros. noted that the sharp net loss for the quarter includes a $2.8B termination fee to Netflix (NFLX).

Of note, the company said it is “on track” to surpass 150M HBO Max subscribers by year-end. “Over the last four years, we have consistently reiterated the imperative to scale HBO Max as a global streaming service,” the company said. “Today, that vision has been successfully achieved. We launched HBO Max in the U.K. and Ireland on March 26th, following strong launches in Germany and Italy at the beginning of the year. With these launches, HBO Max is now available in all of our key target markets globally, and the multi-year international rollout of HBO Max is largely complete. While these recent launches represent a significant expansion of HBO Max’s global availability, we also see substantial runway for continued penetration growth in existing markets driven by the core of our product, which remains high-quality content that inspires consumer demand and engagement. Fueled by global tentpole titles like A Knight of the Seven Kingdoms and The Pitt, our increasing investment in local language content such as Like Water for Chocolate and Dona Beja, and access to marquee events like the 2026 Olympic Winter Games, we meaningfully exceeded our guidance of more than 140 million global streaming subscribers at the end of the first quarter. With ongoing momentum, we are on track to surpass 150 million global subscribers by the end of 2026.”

IAC/DILLER: IAC (IAC) Chairman Barry Diller said he would be willing to acquire CNN, arguing the network is underinvested and in need of innovation in both its digital and broadcast offerings, while expressing confidence that it remains a strong asset if modernized, The Wall Street Journal’s Cara Lombardo reported. CNN is owned by Warner Bros. Discovery, which Paramount Skydance (PSKY) agreed to buy in an $81B deal earlier this year. Diller said he would “absolutely” buy CNN, saying at the WSJ’s Future of Everything Festival that “I would do it tonight and tomorrow night. Before they ruin it any further. Hopefully before it’s extinct, which, I mean, it’s not gonna be.”

PARAMOUNT RESULTS: On Monday, Paramount Skydance reported upbeat Q1 results but provided a conservative revenue outlook for Q2, with the company noting that the Warner Bros. Discovery deal is “on track” to close in Q3. Looking to streaming, Paramount said that DTC revenue grew 11% year-over-year to $2.4 B, led by 17% growth at Paramount+, which added 700,000 subscribers, or 1.9M excluding the exit of international hard bundle subscribers. The company added that it continues to expect accelerating DTC revenue and profit in 2026.

FUBO RESULTS: Meanwhile, FuboTV reported mixed Q2 results this week, though it reiterated its “confidence” in its FY26 adjusted EBITDA target of at least $300M. “Looking ahead, we are making progress on multiple new integrations with Disney, leveraging the content portfolios of Fubo and Hulu + Live TV, which are expected to drive sustained subscriber, revenue and Adjusted EBITDA growth while delivering on the consumer promise of our business combination,” the company said.

AMC NETWORKS RESULTS: AMC Networks (AMCX) reported lower-than-expected Q1 adjusted earnings per share, though revenue beat consensus. Looking ahead, the company reiterated its FY26 revenue outlook. Commenting on the quarter, CEO Kristin Dolan said, “AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms.”

NETLIX/NFL: Netflix is near a deal with the National Football League that appears likely to include the week one game in Australia, a game the day before Thanksgiving, and the Christmas games, Puck News’ John Ourand reported Thursday.

PRIME VIDEO CLIPS: On Friday, Amazon (AMZN) said that Prime Video is bringing a new way to experience content on your phone. Clips-a scrollable, short-form video feed that first launched with NBA highlights on the NBA collection page during the 2025-26 season – is expanding to include moments from movies and series across the Prime Video experience. “As a first-stop entertainment destination, Prime Video offers customers a vast selection of premium content, and we want to make it as easy and seamless as possible for them to discover what’s most relevant,” said Brian Griffin, director of global application experiences at Prime Video. “Clips gives customers a whole new way to browse with short, personalized snippets tailored to their interests. Whether they have a few minutes to scroll or are looking for something to watch when they have more time, entertainment is just a tap away.”

STOCK PLAYS: Other publicly traded companies in the space include Comcast (CMCSA), Fox (FOXA), Apple (AAPL), and Roku (ROKU).