The news: Warner Bros. Discovery reported another quarter of losses in its traditional media business, slightly tempered by gains in its streaming assets.

By the numbers:

• Revenues: $8.9 billion, -3% YoY ex-FX
• Ad revenues: $1.8 billion, -8% YoY
• Global linear networks ad revenues: $1.6 million, -12% YoY
• Streaming ad revenues: $284 million, +19% YoY
• Total costs and expenses: $11.4 billion

Why it matters: Progress in WBD’s streaming business hasn’t been enough to offset broader concerns about the company’s stability as cord-cutting accelerates and traditional pay TV declines.

• Nearly half of US households will be cord cutters this year, per our forecast; that figure will increase steadily through 2030.