Here’s everything you need to know about the world of television for Thursday, February 26th, 2026:
WBD'S KINDA, JUST OKAY EARNINGS NUMBERS
Warner Bros. Discovery reported its Q4 2025 earnings early Thursday morning and it was a mixed bag of results. The company reported a diluted loss per share of 10 cents, or a net loss of $252 million, on $9.5 billion in revenue. That compares to analyst estimates of earnings per share (EPS) of 0 cents on $9.37 billion in revenue.
Global streaming subscribers increased 3.5 million vs. Q3 to a total of 131.6 million. The upside was that streaming revenues increased 4% to $2,794 million compared to the prior year quarter. Advertising revenue increased 17%, primarily driven by an increase in ad-lite subscribers, partially offset by the absence of the NBA in the current year quarter. But the downside is Global average revenue per user (ARPU) decreased 9% to $6.80. That was due to an 11% decrease in domestic streaming ARPU to $10.45 and a growth in lower ARPU international markets as HBO Max rolls out globally. The global HBO Max roll-out also helped contribute to a 7% increase in content costs, due to an increase in programming to help support the international expansion.
The WBD studios business had a challenging fourth quarter, with and 11% drop in box office revenue, a 17% decrease in TV revenue and a staggering 43% drop in gaming sales. Total Studios revenue fell 13% to $3.2 billion for the quarter. Studios profit fell 23% to $728 million for the quarter.
In a letter to shareholders, the company said CEO David Zaslav and other executives won't be answering any questions about the ongoing battle between Netflix and Paramount Skydance to acquire the company:
"While the Netflix Merger Agreement remains in effect and the Board continues to recommend the Netflix transaction and has not withdrawn or modified its recommendation, the Board recently determined that the latest proposal from Paramount Skydance could reasonably be expected to lead to a ‘company superior proposal’ as defined in the Netflix Merger Agreement."
"WBD continues to engage with PSKY to determine if a proposal that constitutes such a ‘company superior proposal’ can be reached. There can be no assurance that the Board will conclude that the transaction proposed by PSKY is superior to the merger with Netflix or that any definitive agreement or transaction will result from Warner Bros. Discovery’s discussions with PSKY. The Board remains committed to maximizing shareholder value and certainty while mitigating downside risks, and the Board will evaluate any proposal against that standard with the objective of delivering the best deal for our shareholders.”
QUICK TAKEAWAYS FROM THE INVESTOR CALL
I am listening to Warner Bros. Discovery investor call and there haven't been any real surprises. David Zaslav, Gunnar Wiedenfels and JB Perrette are on the call and one interesting note is that Discovery+ is profitable and has "millions" of subscribers (whatever that means). The fact it's profitable probably has a lot to do with the fact WBD has essentially eliminated all of its original programming and cut back substantially on licensed programming from places such as the A&E Networks. But Discovery+ is a solid business and the people who do subscribe love it.
THERE IS SO MUCH TO LEARN ABOUT THE FAST CHANNEL BUSINESS
Streaming Media Connect 2026 has been running a series of online panels this week, covering all sorts of aspects of the FAST channel business, streaming advertising, Optimizing Search & Discovery With Metadata & Machine Learning and all sorts of other geeky in the weeds topics. I've learned a lot and one of the things that has been a consistent complaint is that advertisers are still skittish about FAST spots because it's so challenging to get accurate and specific demographic information on who is watching.
One thing someone mentioned earlier this week has really stuck with me. That one huge advantage of YouTube is that its search function works so much effectively than most other streaming platforms. You go to YouTube and you're watching something that interests in you in a minute or two. That is certainly not the case on most SVOD platforms.
But that desire for finding something quickly is why show specific FAST channels tend to perform better than those with some more generic description such as "Action Movies."
DISNEY+ ADDS SOME LOCAL STATION LIVE FEEDS
Disney+ is adding 24/7 livestreams from eight of its owned-and-operated local affiliates:
Beginning today, Disney+ subscribers in the U.S. will have access to ABC Owned Television Station’s eight local market 24/7 livestreams from New York (WABC-TV), Los Angeles (KABC-TV), Chicago (WLS-TV), Philadelphia (WPVI-TV), Houston (KTRK-TV), San Francisco (KGO-TV), Raleigh-Durham, NC (WTVD-TV), and Fresno, CA (KFSN-TV).
The 24/7 local news streams feature live, market-specific newscasts, breaking news, important weather updates and special community events and celebrations. The streams are available in the ABC News Hub and the Live Hub. Over time, subscribers located in one of the eight markets will also see their local-market station featured in other locations on Disney+.
It's interesting that Disney+ is making all eight feeds available to all subscribers, instead of geo-fencing access to that it is only available to local viewers.
ODDS AND SODS
* Netflix co-CEO Ted Sarandos heads to the White House today to talk about the proposed merger and the future of board member Susan Rice.
* Adult Swim’s adult animated comedy Smiling Friends is coming to an end after three seasons.
* HBO has renewed Industry for a fifth and final season.
MSNOW IS LAUNCHING A STAND-ALONE STREAMING SERVICE
The L.A. Times has an enlightening profile of MSNOW head Rebecca Kutler and I am happy to see the network will be launching a streaming product this fall, and it sounds as if will include a live linear feed of the network:
By early fall, MS NOW will launch a direct-to-consumer subscription product aimed at people who don’t have a pay-TV package. CNN launched such a service last year, while Fox News, the perennial ratings leader in cable, is available as part of Fox One, which also offers Fox Corporation’s broadcast network and sports channels.
Kutler said MS NOW‘s direct-to-consumer service will be part of a broader digital offering that can serve as a community for progressives. She describes subscriptions as “memberships.”
“We’re trying to build a product that meets the needs of people who love news, care about democracy and want to come together in a shared space,” she said.
MS NOW already has a strong presence on YouTube. In January, the network had 339 million views of its content, second only to Fox News (466 million) among cable and broadcast TV news outlets.
MSNBC always struggled internally with NBC News executives, who fought to keep the network from moving too far to the left. I think embracing that now as an independent network is a great business move and the network certainly has the talent to do it.
TWEET OF THE DAY
WHAT'S COMING TONIGHT AND TOMORROW
THURSDAY, FEBRUARY 26TH:
* Baki-Dou: The Invincible Samurai Series Premiere (Netflix)
* Bridgerton (Netflix)
* Crap Happens (Netflix)
* Deadwater Fell Season One Premiere (BritBox)
* Elsbeth Spring Premiere (CBS)
* Georgie & Mandy's First Marriage Spring Premiere (CBS)
* Ghosts Spring Premiere (CBS)
* House Of Villains Season Premiere (Peacock)
* Matlock Spring Premiere (CBS)
* Mysteries Unearthed With Danny Trejo Season Premiere (History)
* The Gray House Series Premiere (Prime Video)
FRIDAY, FEBRUARY 27TH,:
* Agents Of Mystery Season Two Premiere (Netflix)
* Boston Blue Spring Premiere (CBS)
* Celebrity Jeopardy! (ABC)
* Chris Fleming: Live At The Palace (HBO)
* Cobain (The Network)
* Crazy Old Lady (Shudder)
* Fire Country Spring Premiere (CBS)
* Formula 1: Drive To Survive Season Eight Premiere (Netflix)
* In The Blink Of An Eye (Hulu)
* Monarch: Legacy Of Monsters Season Two Premiere (Apple TV)
* Sheriff Country Spring Premiere (CBS)
* Who Took My Family? (LMN)
SEE YOU THIS FRIDAY!