NEW: This story pulls from our recently updated Live Earnings Report: Marketing & Advertising Tracker Q2 2026.

The news: Warner Bros. Discovery posted mixed Q2 earnings results on Thursday, with gains in streaming but notable ad revenue declines.

By the numbers:

• Revenues: $8.7 billion, -11% YoY
• Ad revenues: $1.7 billion, -22% YoY
• Global linear networks ad revenues: $1.4 billion, -27% YoY
• Streaming ad revenues: $306 million, +9% YoY
• Studio revenues: $2.3 billion, -39% YoY

Behind the scenes: Declines across most of WBD’s segments underscore the challenge legacy media companies face as they adapt to a crowded streaming- and digital-first viewing landscape.