Now Streaming: Warner Bros. reportedly weighs sale of studio, streaming stake

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

PLAYING THIS WEEKEND: For Amazon Prime Video (AMZN) subscribers, the “Outer Banks” creators have returned with another teen drama series, “The Runarounds”, about high school graduates who form a rock band. Meanwhile, Netflix (NFLX) subscribers can watch the last batch of episodes of the second season of “Wednesday”, starring Jenna Ortega, as well as the premiere of the new season of “The Great British Baking Show”. Peacock (CMCSA) subscribers can stream “The Paper”, a long-awaited follow up to “The Office”, created by Greg Daniels, about a dying newspaper in Toledo. Additionally, Apple TV+ (AAPL) is streaming “Highest 2 Lowest”, Spike Lee’s remake of Akira Kurosawa’s 1963 classic “High and Low”, starring Denzel Washington.

WARNER BROS. WEIGHS SALE OF STUDIO, STREAMING STAKE: Warner Bros. Discovery (WBD), which is splitting itself in two, may sell a 20% stake in its studio and streaming business before the planned separation next year, Bloomberg’s Molly Schuetz reported Wednesday. “We want to get full value for it,” CFO Gunnar Wiedenfels said at the Bank of America Media, Communications & Entertainment Conference. “We’ve had some interest in discussions” in taking a stake before the split is complete, which is expected in the second quarter of next year, he said

WALMART, PEACOCK ENTER STREAMING PARTNERSHIP: Walmart+ (WMT) is offering members a video streaming benefit, Video Streaming Choice, as well as (PSKY). Beginning on Sept. 15, Walmart+ members will be able to choose between the ad-supported plans of Peacock and Paramount+ at no additional cost, further enhancing the value and flexibility of their membership.

“The additional option of Peacock Premium adds even more value and more choice to our membership, without raising the price,” said Deepak Maini, SVP of Walmart+. “By offering the ability to switch between two top-tier video streaming services, we’re empowering our members to customize their entertainment experience and enjoy significant savings. This is just one of the many ways we’re evolving Walmart+ to meet the needs and wants of today’s consumer.”

PARAMOUNT, ACTIVISION PARTNER FOR ‘CALL OF DUTY’ MOVIE: Paramount has partnered with Activision, under Microsoft (MSFT), to develop and produce a live-action feature film based on the “Call of Duty” video game franchise, The Wrap’s Drew Taylor reported Tuesday. “Call of Duty” is one of the most successful video game franchises, having sold more than 500M copies globally. “As a lifelong fan of Call of Duty this is truly a dream come true,” David Ellison, chairman and CEO of Paramount. “From the first Allied campaigns in the original Call of Duty, through Modern Warfare and Black Ops, I’ve spent countless hours playing this franchise that I absolutely love.”

Additionally on Thursday, Paramount Pictures and Legendary Entertainment announced a new multi-year worldwide film distribution deal. Under the deal, Paramount will market and distribute Legendary-developed and produced theatrical films globally, excluding China, where Legendary East handles all marketing and distribution activities. Legendary’s first film within the distribution deal will be Street Fighter, co-produced by Capcom. The film is currently in production and is based on the hugely popular and successful video game franchise.

On Friday, BofA initiated coverage of Paramount Skydance with an Underperform rating and $11 price target. While the firm believes Paramount Skydance has the potential to be a dynamic global media company, it adds “there are no easy fixes and a turnaround such as this will take a significant amount of time,” pointing to Warner Bros. Discovery as evidence that the restructuring will likely take years to implement, require substantial investment and investor patience.

ROKU STREAMING SURPASSES BROADCAST TV FOR THIRD MONTH: Roku (ROKU) announced Wednesday that for the third consecutive month, U.S. viewers spent more time streaming content on Roku-powered devices than watching traditional broadcast television. According to Nielsen data, streaming on Roku-powered devices accounted for 21.4% of all TV viewing time in the U.S. during July, surpassing broadcast TV’s 18.4% share. This continues a trend from May and June, when streaming on the Roku platform also outpaced broadcast. Roku’s share of TV viewing has grown steadily throughout 2025, up 14% year-over-year.

“When we first said that all TV would be streamed, it was a bold prediction. That day is closer than ever,” said Anthony Wood, CEO. “Now that the shift to streaming is well underway, with Roku at the forefront, we’re focused on the next chapter: making streaming easier, more personal, and more impactful for viewers, creators, and all our partners.”

STOCK PLAYS: Other publicly traded companies in the space include Disney (DIS), Fox Corporation (FOX), AMC Networks (AMCX) and FuboTV (FUBO).