Warner Bros. Discovery Reports Q1 Results; Paramount-Skydance Merger Advances

Warner Bros. 9 billion net loss in Q1 2026 tied to the Paramount deal and restructuring costs. Paramount agreed to pay a Netflix termination fee that remains on Warner Bros. Discovery’s books until the deal closes.

The Paramount-Skydance merger with Warner Bros. Discovery is under way as of May 6, 2026. David Zaslav, the CEO of Warner Bros. Discovery, opened the company’s Q1 earnings call on May 6, 2026 with an extended tribute to Ted Turner.

“Ted was a generational entrepreneur, someone who believed deeply in the power of ideas and in telling stories and building platforms that could inform, connect and inspire people around the globe,” Zaslav stated on the call. He added that Ted Turner’s global vision for the industry was way before its time and presently powerful. Zaslav continued by noting the central role of John Malone.

“Alongside Ted through much of that journey was John Malone, whose partnership strategic vision and shared belief in the power of cable helped build and strengthen many of these iconic businesses over decades,” he stated. Discovery came together in 2022, describing it as a full-circle moment linking the cable pioneers to the current company.

Executives sidestepped discussion of the transaction itself. David Zaslav, CFO Gunner Wiedenfels, and streaming chief JB Perrette did not take questions regarding the proposed Paramount transaction on the Q1 earnings call.

Discovery portfolio that he said would strengthen the combined company. He stated that CNN grew 30% year over year. Zaslav highlighted HBO’s slate of Game of Thrones spinoffs and the return of Euphoria.

He described HBO and HBOMax as the real crown jewels in the Warner Bros. ” Advertising revenue at Warner Bros. 7% year-over-year in Q1 2026. Zaslav received a parachute exceeding $800 million.

Warner Bros. Discovery received more than $30 a share from David Ellison’s Paramount. Separately, Christiane Amanpour, CNN’s chief international anchor, expressed unease about the corporate changes ahead.

She spoke at the Truth Tellers summit honoring Sir Harry Evans. “Clearly I’m concerned, and I’m not sure how much I’m allowed to say about a corporate thing that’s under way, but I am obviously, as a person, as a journalist with a record, concerned, and I’m concerned based on what’s happened to the other things that [Paramount Skydance chief executive, David Ellison, has] taken over already, like CBS News,” Amanpour said.

Skydance took control of CBS News last summer in 2025.

A group of Paramount+ and cable subscribers filed a lawsuit to block the Paramount-Warner Bros. Discovery deal and unwind the Paramount-Skydance merger.