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Warner Bros. Discovery Stumbles In Q2 As ‘Supergirl,’ Lack Of NBA Drag Down Results

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Warner Bros. Discovery fell short of Wall Street expectations in the second quarter, as Supergirl and the lack of the NBA dragged total revenue down 11% to $8.7 billion.

Analysts had projected $9.2 billion in revenue. Diluted earnings per share of 6 cents topped estimates of a loss of 10 cents a share.

The company reported the quarterly financials with its $110 billion merger with Paramount in legal limbo. The attorneys general of 12 states, as well as the Writers Guild of America, have filed a lawsuit seeking to block the deal on antitrust grounds. A trial has been scheduled for March 2027.

Streaming proved a bright spot, with total revenue up 10% to $3.1B and EBITDA jumping 75% to $512 million. Flagship streamer HBO Max, which has recently expanded to key international territories, was paced by titles like Euphoria, House of the Dragon, Hacks and The Pitt.

The studio division faced tough comparisons with the year-ago period, which featured hits like A Minecraft Movie, Sinners, and Final Destination Bloodlines. Revenue tumbled 39% to $2.3 billion and EBITDA plummeted 89% to $96 million. Supergirl grossed just $126 million worldwide, the lowest for any DC release since Catwoman in 2004.

Total advertising revenue plunged 22% from the year-ago period to settle at $1.7 billion. The main culprit was the absence of the NBA. After nearly 40 years of broadcasting the league’s games, WBD did not reach a deal to extend its rights, with NBCUniversal taking its place as a primary partner.

The ad story marred the quarterly performance of the Global Linear Networks division, whose revenue slid 17% to $3.99 billion. Adjusted EBITDA was off 4% to $1.4 billion.

The quarterly numbers followed Tuesday’s earnings report from Paramount, which featured some updated comments about the WBD merger. Paramount CEO David Ellison said he is “absolutely open” to discussing a potential settlement of the antitrust suit, but he also said the company believes it “will win in court.”

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Paramount’s Takeover Of Warner Bros. Cleared By UK Antitrust Authority

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Paramount’s $111 billion acquisition of Warner Bros. Discovery has been given the green light by the UK’s Competition and Markets Authority. More follows.

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ITV Doc ‘Inside Iran: War & Revolution’ Goes Undercover In Iran

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EXCLUSIVE: ITV has greenlit Inside Iran: War & Revolution. The one-off doc goes undercover and inside Iran, with testimony from journalists and civilians during the 2025-2026 protests and, more recently, the conflict with the U.S.

The film comes from UK-based doc studio Zandland. It marks another ITV-Zandland project following their BAFTA-nominated film Breaking Ranks: Inside Israel’s Army.

Inside Iran: War & Revolution is told from the perspective of an anonymous Iranian journalist. It has access to people living inside Iran and under its authoritarian regime. The doc chronicles the struggles and suffering of protestors in the uprising and shows the brutal crackdown by the authorities, including footage from the mass protests, and inside the hospitals where the injured were being treated and also faced arrest. It goes on to give an inside-Iran account of the hostilities with the U.S.

Capturing footage from inside Iran is perilous. The film spells out the risks the contributors took with an on-screen graphic that reads: “Almost all of the footage in this film was filmed inside Iran by citizens taking significant personal risks.” Given the risk of punishment or even execution, some contributions are anonymized or voices altered.

Zandland is run by British-Iranian filmmaker Ben Zand. Based in London and Liverpool, the doc studio has harnessed YouTube and digital distribution, as well as working with traditional broadcasters and platforms. Zand directed Inside Iran: War & Revolution.

“What this film captures is an impossible situation, and the full range of what it does to the people living through it,” Zand said. “Our contributors describe grief, fury, hope and heartbreak, often side by side, and rarely in the ways outside observers might expect. As a British-Iranian this is deeply personal to me, but the film belongs to the people inside Iran who risked everything to share their reality.”

 ITV’s Controller of Current Affairs, Tom Giles, commissioned Breaking Ranks: Inside Israel’s Army and also greenlit Inside Iran: War & Revolution.

“This is a powerful and significant piece of work by people who have taken great risks to film and bear witness to events which have commanded the world’s attention all year, and which they themselves have directly experienced,” he said. “These are filmed voices we rarely hear from inside Iran: urgent, passionate, fearful and inspiring.”

The film bows on ITV1 and streaming service ITVX on August 9. Maya Rostowska is the Producer, and Josh Reynolds and Ben Zand are the Executive Producers.

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‘Mission’ Clip: George MacKay & Rosy McEwen Lead Edinburgh Comp Title 

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EXCLUSIVE: Paul Wright’s latest feature Mission, starring George MacKay and Rosy McEwen, debuts in competition at this year’s Edinburgh Film Festival and Deadline can unveil a first look clip.

The film’s official synopsis reads: “Dylan (MacKay) has reached the end of his tether with his dead-end job and lonely, unfulfilling existence. Over the course of a week, he blows his life up, pushing boundaries and seeking meaning in the wake of extreme chaos as he wrestles with trying to feel alive and finding a reason to go on. Paul Wright’s immersive, expressionistic portrait of a young man’s existential angst and directionless fury is vividly composed, frenetically paced and fraught with tension.”

Blue Finch is handling sales on the film, which was produced by Linn Waite, Kate Byers, Alex Thiele, Marie-Elena Dych and Lowri Roberts. 

Wright and MacKay previously worked together on For Those in Peril (2013), which screened as part of the Critics Week sidebar at Cannes and was later BAFTA nominated. That film followed Aaron, a young misfit living in a remote Scottish fishing community, who is the lone survivor of a strange fishing accident that claimed the lives of five men, including his older brother. 

The exec producers on Mission are Kristin Irving, Kiah Simpson and Kieran Hannigan. The production companies are Early Day Films, 65 Wilding and Rapt. Wright directed the feature from a screenplay he wrote. The film will debut on August 15 at Edinburgh.

Check out the clip above.

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